Motorola Mobility reported its Q1 2012 financial earnings this afternoon. It had a net revenue of $3.1 billion (up 2 percent YOY), net loss of $86 million (compared to a net loss of $81 million YOY), and an operating cash outflow of $98 million. Motorola Mobility also reported it had $3.5 billion in cash and assets.
Furthermore, the company said it sold 8.9 million mobile devices, 5.9 million of which were smartphones, during Q1 2012. As for the merger with Google, China seems to be the hold-up.
As previously announced on August 15, 2011, Motorola Mobility and Google Inc. (“Google”) (NASDAQ: GOOG) entered into a definitive agreement for Google to acquire Motorola Mobility for $40.00 per share in cash, or a total of approximately $12.5 billion.
Motorola Mobility and Google continue to work closely with the authorities in China for approval on the acquisition. The transaction has been investigated and cleared without conditions in all other jurisdictions with pre-closing clearance requirements. We continue to expect the transaction to close during the first half of 2012.
It looks like things should be underway by summer. Check out the full press release below.