Earnings for Sony Ericsson, the mobile-phone joint venture between Sony Corp. (SNE) and Ericsson (ERIC), fell $300 million in the second quarter of 2009, bring to four the consecutive number of quarters the company has reported losses.
Executives blamed the global recession that’s led to reduced demand for new handsets. To wit, Sony Ericsson’s sales dropped 40 percent.
The company already saw tough times coming and, in the second quarter, acted on 2,350 of the 4,000 job cuts it has announced over the past year. And circumstances don’t appear to be changing any time soon.
“We still believe the remainder of the year will be difficult for Sony Ericsson,” CEO Dick Komiyama said in a prepared statement. However, he said, performance is improving “due to our cost-reduction activities.”
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January 22 2019 @ 22:01:08 UTC