Business

Friday October 16, 2009

Sony Ericsson Q3 loss widens


STOCKHOLM: Mobile phone maker Sony Ericsson says losses widened in the third quarter, mainly due to plunging sales and costs related to restructuring.

In the earnings report released Friday, the LM Ericsson and Sony Corp. joint venture said its third-quarter net loss came to euro164 million ($245 million) compared with a loss of euro25 million a year ago.

Sales in the quarter fell to euro1.6 billion from euro2.8 billion last year. Units shipped in the July-September period amounted to 14.1 million.

In April Sony Ericsson announced it would slash 2,000 jobs, on top of 2,000 jobs cut last year, to lower costs.

On Thursday, world-leading mobile phone maker Nokia Corp. posted a third-quarter loss of euro559 million ($835 million), hurt by plummeting sales and one-off costs. - AP


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