Sony Ericsson reports crushing fourth quarter

The joint venture between Japanese consumer electronics giant Sony and Swedish mobile phone maker Ericsson announced dismal fourth-quarter financial results on Friday.

The company lost 187 million euros (US$248 million) on 2.9 billion euros ($3.9 billion) in sales in the fourth quarter, down from a 373 million euro ($496 million) profit on 3.8 billion euros ($5 billion) in sales during the same period in 2007.

Sony Ericsson shipped 24.2 million handsets in the fourth quarter, down 21 percent compared to the fourth quarter in 2007.

The company lost 73 million euros ($97 million) for the full year in 2008, down from a 1.1 billion euro ($1.5 billion) profit during the same period in 2007.

Read the full article here.