Sony Ericsson posts fourth quarter loss of $187 million euros

Mobile phone venture Sony Ericsson posted a worse than expected fourth quarter loss, placing blame on the impact that the economic downturn has had on sales. The company had a loss of 187 million euros (US$245 million) compared to a profit of 373 million euros ($492 million) during the same period last year. Analysts had predicted a 95 million euro ($126 million) net loss. Sony Ericsson shipped 24.2 million phones, a 21 percent drop from the same period last year.

According to CEO Dick Komiyama, the company's 300 million euro ($398 million) cost-cutting plan, expected to kick in by the second half of 2009, is progressing well. Komiyama said that the company is expecting a "continued deterioration" in the 2009 market, and that he hopes to wring an additional 180 million euros ($239 million) a year. Ericsson, one of the company's parents, traded at 58.60 kronor (US$7.21) this morning and Sony closed 4.8 percent higher at 2,075 yen (US$22.94) before the report was issued. [via mocoNews]