Wednesday, October 18, 2006

Motorola Q3 Profit Plunges 45%; Sales Up 17%

Motorola Inc. (MOT | charts | news | PowerRating) announced third quarter financial results, reporting net earnings that declined from last year. The year-ago profit was boosted by a large gain from the sale of Nextel stock and tax benefits. Though the company's quarterly sales advanced 17% from the year-ago quarter, it missed analysts' consensus. Following the lackluster earnings scorecard, the company's stock slid more than 7% in the extended session.