Sony Ericsson Q2 results show a challenging time

Sony Ericsson has reported a drop in profits, a drop in sales and a drop in phone prices for the second quarter of 2008. It had previously warned that its earnings were going to be down for Q2 2008. Profits were $9.5 million for the quarter, down from $348.6 million in the same quarter last year. Net sales were down 9.4% to $4.46 billion and the average selling price of a Sony Ericsson phone was $183.72, down from $191.64 in 2007. The company expects a challenging remainder of 2008, with the global handset market growing at around 10%. [Press release]