But the No. 2 cell phone maker's shares tumble after revenue misses Wall Street forecasts.
October 19, 2004: 4:45 PM EDT
CHICAGO (Reuters) - Motorola Inc., the world's second-largest cell phone maker, said Tuesday its quarterly profit more than tripled, as sales rose 26 percent, driven in part by a host of new handset models and cost controls.
But revenue came in slightly below Wall Street's average estimate, and shares of Motorola (Research) tumbled more than 4 percent in after-hours trading.
Earnings rose to $479 million, or 20 cents a share, in the third quarter, from $116 million, or 5 cents a share, in the year-earlier period.
Sales rose to $8.62 billion from $6.83 billion, slightly missing analysts' estimates of $8.67 billion on average, according to Reuters Estimates.
The company forecast fourth-quarter revenue between $9.3 billion and $9.6 billion, compared with Wall Street's consensus estimate for revenue of $9.52 billion.
Shares of Motorola fell to $17.70 in after-market trading on INET from a close of $18.75 on the New York Stock Exchange.
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