Motorola posts profit, smartphone sales rise

NEW YORK (BestGrowthStock) – Motorola Inc (MOT.N: ) posted a quarterly profit versus a year-earlier loss as it sold more smartphones than Wall Street estimated even as overall phone sales declined faster than expected.

The company’s shares rose 3.2 percent after it posted a first quarter profit (Read more your timing to make a profit.) of $69 million, or 3 cents per share compared with a loss of $231 million or 10 cents a share in the same quarter the year before.

Revenue fell to $5.04 billion from $5.37 billion the year before and compared with average expectations for $5.098 billion, according to Thomson Reuters I/B/E/S.

Motorola, which is reorganizing the entire business around smartphones based on Google Inc (Read more about Google Stock Analysis) (GOOG.O: ) software, said it sold 8.5 million phones compared with expectations for 10.2 million from nine analysts contacted by Reuters and 14.7 million phone sales in the same quarter a year earlier.

But the company said its sales of smartphones rose to 2.3 million from 2 million in the fourth quarter, when it was helped by its Droid phone, which is sold at Verizon Wireless, a venture of Verizon Communications (VZ.N: ) and Vodafone Group Plc (VOD.L: ).

Stock Today

(Reporting by Sinead Carew; Editing by Derek Caney)

Motorola posts profit, smartphone sales rise