Motorola Solutions Withdraws FY Outlook; Shares Tank 9%

(RTTNews) - Shares of Motorola Solutions Inc. (MSI) tanked nearly 9% in the extended session Thursday after the telecommunications equipment maker issued a weak outlook for the second quarter and withdrew its guidance for the full year due to the coronavirus pandemic.

Motorola Solutions said it is withdrawing its full year guidance, due to uncertainty surrounding the COVID-19 pandemic.

For the second quarter, Motorola Solutions expects revenue to decline 17% to 14% from a year ago and adjusted earnings of $1.18 to $1.27 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.77 per share and revenues of $1.87 billion.

Motorola reported first-quarter profit of $197 million or $1.12 per share, up from $151 million or $0.86 per share last year. Adjusted earnings were $1.49 a share. Analysts expected earnings of $1.28 per share.

Revenue for the quarter was $1.66 billion, flat with last year. Analysts had consensus revenue estimate of $1.66 billion for the quarter.

MSI closed Thursday's trading at $136.21, up $0.91 or 0.67%, on the NYSE. The stock, however, slipped $12.21 or 8.96% in the after-hours trade.