Shares of Motorola Corp. tumbled in morning trading, after the company said its quarterly financials would decline. The comments were contained in Motorola's annual report, which repeated statements made in January when the company released its fourth-quarter results.
In its annual report, Motorola said it expected earnings to continue to drop until later this year, despite a modest recovery in its key semiconductor business. Motorola's first-quarter ends at the end of the month.
In the first quarter of last year, Motorola made $384 million, or 63 cents a share, on sales of $7 billion.
The company's shares lost $1.50 in after-hours trading on Wednesday and dropped 6 cents in morning trading, to $60.50.