Sony Ericsson Records Profit In First Quarter
One of the top, global, mobile phone manufacturers in world, Sony Ericsson today announced that it has recorded a slight net profit for the first quarter of this fiscal year.
The company has made profit after registering losses for several quarters. It managed to record profit in the first quarter of this year due to the launch of new products and higher margins following previous cost cuts. The company earned a profit worth €21 million ($28.4 million) in the three months to March 31. Last year, the company had witnessed a net loss of €293 million.
Despite the profit, the company has announced that its CFO Ulf Lilja is stepping down. William Glaser Jr will replace Lilja, who has been CFO since 2005.
Glaser, a former Sony vice president, will take a position at Ericsson at the end of July. Sony Ericcson is a 50:50 joint venture between Japan's electronic giant Sony and Sweden's Ericsson.
