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Business News for Tuesday January 6, 2009
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Sony Ericsson profits cut in half
Wednesday April 23, 2008
Mobile phone maker Sony Ericsson has reported a 48 percent drop in first-quarter net profits, citing slower sales growth in some of its markets.
Last month, shares in Sony Ericsson plummeted more than 7 percent after it warned that falling growth in the market for mid- and high-range handsets would hurt its results in the first quarter. Sony Ericsson said Wednesday it expects the global handset market for this year to grow at a pace of about 10 percent. Net profit for the three-month period ended on March 31, came to €133 million ($212 million), down sharply from €254 million in the same quarter last year. First-quarter sales fell to €2.7 billion ($4.3 billion), compared with €2.9 billion in the year-ago period.
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