Verizon Wireless sells its remaining stock of Motorola products
Verizon Wireless is selling off its remaining Motorola business in a move that could boost its stock price.
The carrier announced Thursday that it is selling Motorola Solutions Inc., which builds smartphones and other devices, for $15.9 billion.
Verizon previously sold its remaining stake in Motorola for $6.3 billion in 2016.
The sale follows a similar move by Sprint last year.
Verizon shares were up 2.4% in after-hours trading.
The company reported a loss of $9.1 billion for the third quarter, which ended on Sept. 30.
It also reported net income of $3.9 million, or $1.16 per share, compared to a profit of $1 billion, or 74 cents per share.
The results were mostly driven by higher revenue from mobile phones and devices, Verizon said.
Verizon said that it also saw net earnings of $2.6 billion from its wireless business, excluding revenue from its Internet service business, from its network investments, including the purchase of Time Warner Cable.
The stock closed up 1.4%, to $36.92.