Motorola announces 2Q2011 financial results

 Second Quarter Financial Highlights

• Net revenues of $3.3 billion, up 28 percent from second quarter 2010
• GAAP net loss of $0.19 per share compared to net earnings of $0.27 per share in second quarter 2010
• Non-GAAP earnings of $0.09 per share compared to $0.30 loss in second quarter 2010
• Mobile Devices revenues of $2.4 billion, up 41 percent from second quarter 2010; GAAP operating loss of $85 million; non-GAAP operating loss of $31 million
• Shipped 11.0 million mobile devices, including 4.4 million smartphones and 440,000 tablets
• Home revenues of $907 million, up 2 percent from second quarter 2010; GAAP operating earnings of $62 million; non-GAAP operating earnings of $90 million

“In the second quarter, Mobile Devices launched several new smartphones in the U.S. and markets around the world. Revenues grew over 40 percent driven largely by Latin America and China where sales more than doubled year over year. Our Home business delivered another strong performance, and we introduced several innovative products and services for next generation multi-screen video solutions,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “With a focus on profitable growth and delivering differentiated LTE smartphones and tablets, we expect to achieve profitability in Mobile Devices in the fourth quarter and for the full year 2011.”

Mobile Devices net revenues in the second quarter were $2.4 billion, up 41 percent compared with the year-ago quarter. The GAAP operating loss was $85 million compared to operating earnings of $87 million in the year-ago quarter. The non-GAAP operating loss was $31 million compared to an operating loss of $109 million in the year-ago quarter. The Company shipped a total of 11.0 million mobile devices, including 4.4 million smartphones and 440,000 Motorola XOOM™ tablets. In the second quarter of 2010, the company shipped 8.3 million mobile devices, including 2.7 million smartphones.

Mobile Devices highlights:

• Expanded Motorola DROID family at Verizon Wireless with the introduction of DROID X2 and DROID 3 by Motorola both featuring a dual-core 1GHz processor, providing better gaming experiences, web browsing, multi-tasking, and Adobe® Flash® video performance
• Launched 4 new smartphones in China, including the Motorola XT883 with China Telecom, the newest and most advanced member of the powerful Milestone™ product family, and the XT316, Motorola’s first value priced smartphone for emerging market consumers
• Announced plans to launch 10 devices in 2011 with Sprint, including Motorola Photon™ 4G, Sprint’s first international smartphone, the ready-for business Motorola XPRT™ smartphone, the Motorola TITANIUM™ smartphone featuring iDEN technology, and Motorola TRIUMPH™, a value priced smartphone for prepaid customers on Virgin Mobile USA
• Expanded distribution of the ATRIX™ 4G smartphone and Motorola XOOM tablets into Latin America, China, Korea, and Europe
• Named exclusive U.S. launch marketing partner for mobile devices and tablets by Spotify. Spotify is an award-winning digital music service that gives users on-demand access to one of the world’s largest music libraries