At the regulatory front, Moto offered a couple of new information about the progress of the company’s acquisition. It announced that it’ll hold a gathering with stockholders on November 17 to realize approval of the Google merger, and — pending antitrust clearance by america Department of Justice, the ecu and several government entities — expects to near the transaction by the tip of this year or early 2012 on the latest. Have a look at all the numbers after the break.
Third Quarter Financial Highlights
Net revenues of $3.3 billion, up 11 percent from third quarter 2010
Non-GAAP net earnings of $0.12 per share in comparison with net earnings of $0.13 per share in third quarter 2010; GAAP net lack of $0.11 per share when compared with net lack of $0.12 per share in third quarter 2010
Mobile Devices revenues of $2.4 billion, up 20 percent from third quarter 2010; Non-GAAP operating lack of $15 million; GAAP operating lack of $41 million
Shipped 11.6 million mobile devices, including 4.8 million smartphones
Home revenues of $825 million, down 10 percent from third quarter 2010; Non-GAAP operating earnings of $77 million; GAAP operating earnings of $54 million
Motorola Mobility Holdings, Inc. (NYSE: MMI) today reported net revenues of $3.3 billion within the third quarter of 2011, up 11 percent from the third quarter of 2010. The GAAP net loss within the third quarter of 2011 was $32 million, or $0.11 per share, in comparison to a net lack of $34 million, or $0.12 per share, within the third quarter of 2010. On a non-GAAP basis, the internet earnings within the third quarter of 2011 were $35 million, or $0.12 per share, in comparison to net earnings of $38 million, or $0.13 per share, within the third quarter of 2010.
Total cash on the end of the quarter was $3.3 billion and includes cash, cash equivalents and cash deposits. Operating cash flow was $25 million for the quarter.
Details on non-GAAP adjustments and the usage of non-GAAP measures are included later on this press release and within the financial tables.
“Our third quarter revenues in Mobile Devices increased by 20 percent, driven by continued strong growth in international markets. With the hot launch of our iconic Motorola RAZR™, we’ve got several 4G LTE devices in our portfolio. Our Home-based business is creating innovative solutions for our customers, taking leadership within the transition to all-IP networks, and delivering solid levels of profitability,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “We’re also fascinated with the proposed merger with Google and continue to make progress to shut this transaction.”
Operating Results
Mobile Devices net revenues inside the third quarter were $2.4 billion, up 20 percent compared with the year-ago quarter. The GAAP operating loss was $41 million in comparison to an operating lack of $43 million within the year-ago quarter. The non-GAAP operating loss was $15 million in comparison to operating earnings of $3 million within the year-ago quarter. The corporate shipped a complete of eleven.6 million mobile devices, including 4.8 million smartphones and approximately 100,000 Motorola XOOM™ tablets. Within the third quarter of 2010, the corporate shipped 9.1 million mobile devices, including 3.8 million smartphones.
Mobile Devices highlights:
Announced global launch of the enduring, ultra-thin RAZR smartphone, featuring sculpted glass face, diamond-cut aluminum accents, KEVLAR® fiber and colourful 4.3-inch super AMOLED Advanced display.
Announced award-winning Motorola ATRIX™ 2, offering enhanced entertainment experiences with dual-core processor, full 1080p video capture and free app for music and images.
Unveiled MOTOACTV™, the hot lightweight, wearable fitness performance tracker and smart music player rolled into one. Sync MOTOACTV together with your PC so that you can inspect the music you perform to best, or track your workouts over extended time periods, set goals or even create workout competitions together with your friends via the MOTOACTV Web Portal.
Shipped DROID BIONIC™, combining dual-core 1 GHz processor, 1 GB of RAM, 4.3-inch qHD display and webtop application with 4G LTE speeds.
Rolled out 4G LTE upgrade to existing Motorola XOOM customers to boost the tablet experience with faster speeds and connections, and announced the Motorola XOOM Family Edition tablet, preloaded with family-friendly software including KidZone by Zoodles and MotoPack by Motorola.
Home segment net revenues within the third quarter were $825 million, down 10 percent compared with the year-ago quarter. GAAP operating earnings were $54 million, in comparison to $49 million within the year-ago quarter. Non-GAAP operating earnings were $77 million, similar to within the year-ago quarter. Set-top shipments were down 3 percent when compared with the year-ago quarter.
Home highlights:
4Home software platform chosen to power Verizon’s new Home Monitoring and Control service in North America for the smart, digital home.
Introduced family of advanced video processing technologies to drive bandwidth efficiency and video quality within the European market, including the SE-6000 video encoder and the ST-6000 transcoder.
Expanded Internet Protocol (IP) growth and leadership in Russia, extending IPTV set-top rollout with leading telecom provider, Vimpelcom Ltd.
Selected by Henan Cable to deliver Video On Demand and Network Digital Video Recording services to its 3.6 million subscribers in China, using M3 Media Server family.
Merger Update
On Aug. 15, 2011, Motorola Mobility Holdings, Inc. and Google Inc. announced a definitive agreement for Google to obtain Motorola Mobility. The transaction was unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including various regulatory approvals, and the approval of Motorola Mobility’s stockholders. Motorola Mobility will hold a different meeting of stockholders on Nov. 17, 2011, to hunt stockholder approval of the proposed merger with Google. The record date for determining the stockholders entitled to vote on the meeting is Oct. 11, 2011.
Antitrust clearances would be required within the U.S., by the eu Commission, and in Canada, China, Israel, Russia, Taiwan and Turkey. Regulatory filings was submitted to an appropriate regulatory body in each of those jurisdictions. Within the U.S., Motorola Mobility and Google have each received a Request for additional info and Documentary Material (commonly known as a “second request”) from the dep. of Justice.
Subject to the satisfaction of customary closing conditions, including antitrust clearance, the transaction is predicted to shut by the top of 2011 or early 2012. The failure to satisfy the closing conditions or other factors outside of our control could delay the transaction or prevent the businesses from completing the merger.
Third quarter 2011 GAAP results include approximately $18 million of expenses because of the planned merger. These costs are included in Other Charges at the income statement. Third quarter results presented on a non-GAAP basis exclude these expenses.
For additional info at the proposed merger, please visit http://investors.motorola.com.
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