Friday, January 16, 2009
Sony Ericsson posted pretax losses of Euros 261 million ($340 million) for the fourth quarter of 2008, significantly worse than analysts had been anticipating.
Sales in the three months to December 2008 came to Euros 2.9 billion, down 22 percent from a year earlier.
The joint venture between Sony and Ericsson also said Friday (Jan 16) it plans to make additional cost savings to braced for market conditions to worsen.
The operating loss before restructuring charges was Euros 133 million compared with the year-earlier Euros 489 million profits.
The company said its programme for cost savings of Euros 300 million annually was on track and would be extended to save a further Euros 180 million a year with full effect at the end of 2009.
Sony Ericsson estimated the global handset market grew about 6 percent in 2008 to around 1.2 billion units. The company's previous outlook had been for growth of about 10 percent.
By: DocMemory
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