Sony Ericsson profit plunges on sluggish sales

Shares in the Ericsson and Sony joint venture plummeted more than 7% last month after it warned that falling growth in the market for mid- and high-range handsets would hurt its results in the first quarter.

Despite the quarterly sales drop, Sony Ericsson said it expects the global handset market for this year to grow at a pace of about 10%, from more than 1.1 billion units in 2007. The biggest growth boost is expected in emerging markets, it said.

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