This is our eighth consecutive quarter of delivering on our promises to achieve a significant turnaround, improved profitability and a strategic refocusing of Motorola around wireless, broadband and the Internet.
Christopher B. Galvin
Given the expected strength of global economies over the next year or so, we intend that Motorola shareholders will benefit from our continued focus on crisp execution and improving profitable growth.
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We have been assessing the impact these factors have had on us, as well as on other companies, particularly in the last 30 days. We have begun to take additional actions to streamline our portfolio and reduce the cost of our operations.
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Despite the recent erosion of equity values in high-tech or 'new economy' companies, we continue to believe that we will create shareholder value by being the leader in bringing wireless, broadband and the Internet to our target markets of the person, the work team, the home, and the car.
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These actions have been designed to adjust our costs to softening global market conditions and, as the market recovers, to restore the trend of improved profitability that we had achieved over the last two years.
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There have been periods in Motorola's history, including the early 1990s, when the sales growth rates and profitability of certain of our individual businesses were out of phase with each other.
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