Motorola reports $3.6 billion loss

Motorola's fourth quarter financial results have been revealed and are described as "dismal", as was expected.

The phone company reported a net loss of $3.6 billion with total revenue falling to $7.1 billion from $9.6 billion the same time a year ago.

The mobile device's division revenue dropped to $2.35 billion from $4.81 billion a year ago, claiming an operating loss of $595 million.

On the back of the news, the company's chief financial officer Paul Liska is to be replaced, and Motorola plans to cut $1.5 billion in costs in 2009.

The company says it expects a loss for its mobile division in the next quarter too, news that has sent Motorola shares down around 10%.