4/23/2008 5:45:00 PM
Sony Ericsson’s net profit drops by 48%
Sony Ericsson revealed a large drop in first quarter profits, attributed to shrinking demand for mid-and high-end mobile phones in Europe.
The world's fourth largest handset manufacturer reported a 47.6% fall in net profit to €133m (£106m) down from €254m (£204m) a year earlier.
The company sold 22.3 million handsets in the first three months of the year at an average selling price of €121, (£97) compared to 21.8 million at €134 (£107) last year.
Last month the company warned that first quarter earnings could fall by more than a half.
President Dick Komiyama said: ‘Our product announcements during the first quarter have been well received by the industry, and we expect to see a positive effect from these announcements during the second half of 2008.’
Meanwhile the company today added to its HSDPA product range with the launch of two new handsets: the Z780 and G502.