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Saturday, July 30, 2005

Next Generation - Sony Posts Quarterly Loss

Sony Posts Quarterly Loss

"As many analysts were predicting, Sony's fiscal Q1 met with a ¥7.26 billion ($65 million) net loss citing dropping prices on televisions and increased costs of development on PS3 as the reasons.

This marks the 2nd consecutive quarterly loss for Japan's 2nd largest consumer electronics company, a series of events that hasn't happened in nearly four years.

The group operating loss for the quarter was ¥13.4 billion ($136.1 million), down substantially from the ¥9.8 billion profit a year ago. These results were slightly worse than those expected by most analysts.

In the wake of these results, Sony has cut its profit guidance for the 2005 fiscal year from ¥160 billion ($1.42 billion) to ¥30 billion ($270 million). That's a very substantial cut.

While it takes time to turn the ship, this is these are the first quarterly results posted from Sony since Sir Harold Stringer (pictured above) was named CEO." [more]

Related Links:
Sony Continues Money-Losing Streak
Sony braces for earnings slump

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