Sony Ericsson posts a $247 million losing quarter

Mobile telecommunications joint venture Sony Ericsson sold 6.6 million fewer phones in the fourth quarter of 2008 than it did the previous year, resulting in profits dropping from last year's €373 million to a loss of €73 million, a €446 million year over year decline.

Mobile handset sales for the holiday season look to have been very weak overall. Sony Ericsson sold some 24.2 million phones during the holiday shopping season, which resulted in a quarterly profit loss of €187 million ($247 million). In 2007, the company reported sales of 30.8 million in the fourth quarter.

Sony Ericsson is in the midst of a global re-organization which was announced at the end of September and will scale back its workforce by approximately 2,000, saving the company an estimated €300 million in operating expenses.