This time last year Sony Ericsson posted a loss of $37 million and we began to see the first signs that the company was on a road to disaster.  This premonition became a reality today as Sony Ericsson saw a 40 percent drop in sales and a loss of $245 million during that same period for this year.  To save the day, parent companies Sony and Ericsson announced that they would provide the group with fresh financing ($676 million) in hopes of strengthening its balance sheet and improve liquidity.  After the announcement in April that Sony Ericsson would slash 2,000 jobs ontop of the 2,000 jobs lost last year we really hope that their goal of cutting operating costs by 880 million Euro is reached soon.  As the global handset market is expected to shrink by around 10 percent and SE maintains only 5 percent of that market share it seems as though the company is in the same position we saw Palm this time last year.

[Via AP News]