Sony Ericsson Cuts 2,000 Jobs

Mobile phone maker Sony Ericsson announced today that it would cut 2000 jobs, as the company reports a second quarter operating loss of $3.17 million. The company has been pinched by plummeting demand for its high-end smart phones and inflation eating away at margins for inexpensive cell phones, and things don't seem to be looking up: "Challenging market conditions are expected to prevail this quarter," the company said in a statement. Net income for the company fell from $347.6 million a year ago to $9.48 million while sales slumped 9.4 percent to $4.4 billion. Unit sales in the quarter reached 24.4 million, down from 24.9 million units a year ago. The closely watched average selling price per unit was $183, whereas a year ago, it was $197.50.

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