Sony (NYSE: SNE) Ericsson (NSDQ: ERIC) said in the second-quarter earnings release today that its latest smartphones are seeing some momentum among the “value market,” and its two-year restructuring period will be coming to a close by the end of the year. “We are now well positioned for long term growth,” said President Bert Nordberg.
Other signs are trending up, as well:
— Sales in the second quarter totaled $2.3 billion (Euro 1.757 billion), a 25 percent increase sequentially and a 4 percent year-over-year.
— Sony Ericsson shipped 11 million phones during the quarter, a 5 percent increase sequentially, but a 20 percent decrease year-over-year (due to the reduction in size of the product portfolio).
— Average selling price increased 19 percent sequentially and 31 percent year-over-year.
The company’s restructuring plan, which started in 2008 and and has resulted in 4,000 employees leaving the company, is on track to reduce annual operating expenses by $1.1 billion (Euro 880 million) by the end of the year. At the end of the second quarter, the joint venture said its cash increased to Euro 609 million.