Motorola announced additional layoffs

In an effort to be more profitable, Motorola announced that it will be cutting 4,000 jobs in addition to the 3,500 job cuts it announced earlier. The company has decided to reduce its workforce by 10%, so that it becomes more profitable in the long-term. While the first set of job cuts will be complete by June end, the newer layoffs will take place next year. One of the major factors that have led to the company laying off its workers is the fact that it took in a loss of $1 billion last year due to price cuts and increased competition.