Telecoms equipment maker Motorola has reported a third consecutive quarterly loss.
The company which has factories in Dublin and Cork, said its third-quarter operating loss was £105 million sterling, or seven cents a share.
Motorola plans to cut 22 per cent of its workforce this year, in response to a dwindling global telecommunications market.
Chairman and chief executive Mr Christopher Galvin says: "Until the unexpected and horrific atrocities of September 11, our predictive indicators seemed to indicate that the world would most probably return to more positive economic growth in the first or second quarter of 2002.
"These events make near-term forecasting more challenging."
Sales in Motorola's semiconductor division fell by 48 per cent from last year to £759 million sterling, while orders were down 49 per cent.
The overall operating loss of £105 million for the third quarter compares with a profit of £443 million in the same period last year.
Sales for the quarter dropped to £5.1 billion, from £6.6 billion last year.
But Mr Galvin says prompt action from the US Federal Reserve and the White House will help offset economic uncertainty.
He added: "We believe the unpredictability of future military and other responses, associated with a global war on terrorism, will be offset by the positive near-term stimulus of tax relief, interest rate reduction and a massive infusion of liquidity by government authorities."