Google's Motorola to hold Moto X phone event on August 1
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Google Inc's (GOOG.O) Motorola division appears set to unveil its much anticipated Moto X phone on August 1 at an event in New York City. Email invitations sent to the media on Friday displayed the Moto X name in bold letters. The invitation depicted several youths holding the Moto X, the first smartphone Motorola has developed since its 2012 acquisition by Google. Motorola, which Google bought for $12.5 billion, has steadily ceded market share to Apple Inc (AAPL.O) and Samsung Electronics Co (005930.KS), with most of its latest phones garnering relatively lukewarm receptions.
The Motorola business has been a drag on Google's profit margins, with Motorola's second-quarter losses totaling $342 million. A Web page to respond to the invitation said, "Come experience the new Motorola. No Stage. No crowds." The page asks guests to select one of several "sessions" to attend at different times at an address in mid-town Manhattan. In May, Motorola CEO Dennis Woodside said at the All Things D technology conference that the new Moto X phones would be built in the United States.