The global economic crisis is far from over and continues to affect the mobile phone industry. Handset manufacturer Sony Ericsson says it suffered another loss in the second quarter as the global economic crisis continued.

The LM Ericsson and Sony Corp. joint venture suffered the loss of $299 million compared with a profit of $6 million last year. This means the fourth consecutive quarterly loss for the company.

Sony Ericsson will cut jobs in order to lower costs. The company has reduced the number of employees by 2,000 last year and announced it will cut 2,000 more jobs.