Sony Ericsson posts first quarter losses

Mobile phone manufacturer Sony Ericsson http://www.sonyericsson.com has today announced that sale, profits and prices all fell in the first quarter when consumers favoured cheaper phones and the market struggled to shift inventories built up before Christmas. As the company reports in a press release on its website, pre-tax profits at the Japanese-Swedish Joint Venture fell by 28 per cent to 70 million euros in the three months to March 31, with sales down four per cent compared with a year earlier at around 1.3 billion euros.