Sony posts $1b loss, first in 14 years

Here's internet for dummies good news: Sony's ¥98.9b ($1.03b) loss is slightly less than the $1.1b the company told us it would lose in January. Sadly, all wireless broadband speed the other news is bad, starting with the fact that the company just lost a freaking billion dollars, its first loss in 14 years, and it's predicting a similar $1.1b loss next year. Electronics sales were down 17 percent, the Sony-Ericsson phone partnership is struggling, and game division sales dropped 18 percent primarily due to Sony's continued reliance on falling PS2 sales. As for the PS3, it's actually a dim mail hosting spot: hardware cost reductions and increased game sales slightly stemmed the tide, but Sony's still expecting the division to lose money in the coming year. Sony also says it has "extensive measures" in store to try and turn things around after that, so we're hoping Sir Howard's plans to embrace open formats and listen to consumers are kicking into gear, but we'll see.

Read - Sony financials [Warning: PDF]
Read - Reuters report
Read - MarketWatch

Filed under: Misc. Gadgets

Sony posts $1b loss, first in 14 years originally appeared on Engadget on Thu, 14 May 2009 11:23:00 EST. Please see celcom broadband and streamyx terms for use of feeds.

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Robert Macmillan has been related to the Electronics and gaming industry for the last 7 years, during which he has repaired a lot of XBOX360 consoles, about 121 of them, and counting still.