Things are looking up at Sony despite almost every division losing money in the last quarter. Sales of Bravia LCD TV’s, Playstation consoles and Vaio notebooks have all slumped. Also losing money was Sony’s digital camera and handycam division as well as their B2B and disc making business. The only bright note was Sony Pictures which reported a sales increase.
For the quarter Sony reported a loss of $487 million compared to profits for both Samsung and LG.
Sony’s revenues for the April-to-June period, its fiscal first quarter, were down 19% from a year earlier to 1.6 trillion yen.
In addition to continuing falls in global sales, the firm said it was also being hit by the high value of the yen, which had sharply reduced its overseas earnings.
The firm is now continuing with 16,000 job cuts as it sheds 10% of its global manufacturing capacity.
The company claims that the losses are not as bad as expected.
More to follow.
