Sony Ericsson plunges into loss

City A.M. Reporter
Sony Ericsson posted a quarterly loss that missed all forecasts after losing in the battle for smartphone sales in the key year-end period, showing the challenge for Sony as it prepares to take full control of the joint venture.

The world's ninth-biggest handset maker, which got left behind in the boom that powered smartphone growth at rivals such as Apple and Samsung Electronics, has also been struggling with high costs in the global slowdown.

The company reported a fourth-quarter pre-tax loss of 247 million euros (£205.2m) loss, compared with a forecast for a 42m profit in a Reuters poll in which estimates ranged from a 130m euros loss to a 94m euros profit.