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Sony Ericsson Net Profits Fall 97%

Everyone in the mobile world had a hunch that this quarter would be a rough one for Sony’s [NYSE:SNE] Sony Ericsson division, but it’s safe to say that few people knew just how bad things were at the ailing phonemaker. According to SE’s Q2 results, net sales dropped a staggering 97%, thanks in part to industry-wide lagging high-end mobile phone sales. 

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Unfortunately, SE has few new or enticing low-end models to bolster their numbers in rough times like these, so it looks like the company will limp through year’s end without much improvement. The company’s much-talked-about Xperia X1 phone will likely give the company a little more buoyancy, but not enough to stave off a severe round of job cuts: to the tune of 2,000 employees all over the world.
 

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