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Sony Ericsson swings to 4Q loss

Sony Ericsson swings to 4Q loss
AP
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First Published: Fri, Jan 16 2009. 01 27 PM IST
Updated: Fri, Jan 16 2009. 01 27 PM IST
Stockholm: Mobile phone maker Sony Ericsson said on Friday that it swung to a net loss in the fourth quarter, pressured by lower volumes due to the global financial crisis.
The Sony Corp and LM Ericsson AB joint venture said net loss came to €187 million ($245 million), compared with a previous profit of €373 million.
It also reported a loss for the full year 2008, at €73 million, from a previous profit of €1.1 billion.
Sales in the three-month period came to €2.9 billion, down 23% from €3.8 billion in the same period in 2007.
The company said it shipped 24.2 million units in the quarter, dropping 21% from the fourth quarter last year, but maintained a cost savings plan was “on track.”
It said it expected the market conditions to continue to deteriorate in 2009.
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First Published: Fri, Jan 16 2009. 01 27 PM IST