Sony Ericsson cited ‘challenging business conditions’ as a factor...
Sony Ericsson cited “challenging business conditions” as a factor in its Q3 loss. The joint venture posted a loss of $33.6 million, versus net income of $359 million a year ago. Revenue of $3.8 billion was down 10 percent…
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from a year earlier and little changed sequentially. It shipped 25.7 million units, down from 25.9 million a year ago. The firm reiterated its estimate for 10 percent annual growth this year for the handset industry. The company has no plans to pursue the low-end market, Global Head of Sales Anders Runebad said on a conference call. The financial situation’s impact on consumer behavior is unclear, said President Dick Komiyama. The company’s cost plans look “good enough” now, he said, when asked whether the firm would do more cost- cutting if the economy stays weak. In September the company cut 450 jobs at its North American headquarters.