Sony Ericsson profit plunges on sluggish sales
Mobile phone maker Sony Ericsson on Wednesday, 23 April, reported a 48% drop in first-quarter net profits, citing slower sales growth in some of its markets.
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.