Sony Ericsson reports 70% fall in profits

You are here: Home > News > Sony Ericsson > Sony Ericsson reports 70% fall in profits

Sony Ericsson reports 70% fall in profits

News Categories

News Archive

RSS Feed

By Editorial Team (Tuesday, 22nd July 2008)

Mobile phone manufacturer Sony Ericsson has reported a 70 per cent fall in profits, with second quarter net income declining to about £160 million.

Sony Ericsson has reported 12 months of falling profit as spending on mobile networks diminishes.

Although sales of Sony Ericsson mobiles in the US have picked up this year, the same cannot be said of Europe, where sales have remained on the slow side.

Analysts believe that Sony Ericsson has lost ground to Nokia in the high-end phones market.

Last week, Sony Ericsson announced it has teamed up with Hitachi, Eastman Kodak, Nikon and Samsung, among others, to develop new wireless technology for mobile phones.

The new interoperable wireless transfer technology, known as TransferJet, would enable the 560 mbps transfer of high resolution music, images and video.