Handset maker Sony Ericsson posted a sharp decline in second-quarter sales and earnings, although results matched the company's own tempered forecast.
The Stockholm-based joint venture between Ericsson (ERIC Quote) and Sony (SNE Quote) said second-quarter income plummeted 97% to 6 million euros from 220 million euros in the year-ago quarter. Similarly, net income was down 95.4% from the previous quarter.
Sony Ericsson said revenue slipped 9% from a year ago to 2.82 billion euros, which the company blamed on a "unfavorable exchange rate fluctuation, continued slowing market growth in mid- to high-end phones and increased competition." Gross margin fell from above 29% a year ago and in the first quarter to 23.1% in the most recent quarter. ...
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