Motorola Cuts Sales, Profit Forecasts

Mobile telephone maker Motorola Inc. lowered sales and profit forecasts through 2003 as demand slumps for cellular-network gear and chips. The shares plunged.

Motorola expects fourth-quarter net income of 4 cents a share on $7.1 billion in sales. That would be the lowest fourth-quarter revenue since 1994.

Shares of Schaumburg, Ill.-based Motorola fell $2.25 to close at $7.85 on the NYSE.