Mobile phone maker Sony Ericsson has said it will shed 2,000 jobs worldwide over the coming year to cut costs.
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Sony Ericsson said it was aiming to cut operating costs by Ј300m a year.
In June, the company had warned its profits would be less than previously forecast as demand for expensive handsets waned.
Sales in the quarter fell by 9.4% to 2.82 bn euros.
Spending squeeze
The company is a joint venture between electronics firm Sony and telecoms equipment maker Ericsson.
Consumer demand has been hurt by a credit crunch that has prompted banks to withdraw many loans and mortgages.
As a result, many consumers have had less money to spend and have had to cut back on their outgoings.
The slowdown in many of the world's largest economies such as the US, UK and Japan has hit both consumer and corporate spending.
(BBC)
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