Sony Posts Massive Losses CE Income Falls 84%

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Sony has reported a massive loss of $1.1 billion dollars, after sales in their consumer electronics division crashed 36.5%. In Comparison Samsung earlier in the day reported profits for the quarter of $3.5 billion dollars and a 24% increase in sales of TV’s and home theatre gear.

Sony has reported a massive loss of $1.1 billion dollars, after sales in their consumer electronics division crashed 36.5%. In Comparison Samsung earlier in the day reported profits for the quarter of $3.5 billion dollars and a 24% increase in sales of TV’s and home theatre gear.
 
The poor results by Sony, is their fourth straight quarterly loss.

Sales at Sony decreased overall 19.8% as consumers walked around from their brand. Sony’s networked products division unit which includes the PlayStation game machines, Vaio computers and Walkman media players, posted a $758 million dollar compared with a loss of $520 Million dollar loss a year earlier.

Sales of Sony gaming and Vaio PC gear decreased 24.2% year on year to $3.9 Billion. This decrease the Company claimed was mainly due to lower VAIO PC and gaming sales.

One bright spot was the sale of approximately 3.2 million units of Sony’s new Slim PlayStation3 compared to 2.4 million units in the same quarter of the prior fiscal year.

Some of the biggest losses were reported in the consumer products and devices group who sell Sony Bravia TV’s, cameras and home theatre and Hi Fi gear. This division saw second quarter income fall 87%. Sales dropped 37%

In Australia Sony has resorted to slashing the cost of their gear in an effort to generate declining sales after years of price gouging consumers in the belief that their brand was superior to the likes of Samsung and Panasonic.
This weekend the Company is trying to win back consumer with a massive sale of cheap made in China TV’s branded Sony Bravia.

In a desperate effort to turn the Companies woes Sony CEO Sir Howard Stringer has sacked more than   16,000 people and  shut down eight factories in an attempt to turn around the company.

The Company is also resorting to outsourcing more production of their products, with their Bravia TV’s now being more Sony badge than Sony technology.

“Investors can’t see any growth scenario for Sony,” said Hideo Arimura, a senior fund manager at Mizuho Asset Management Co., which oversees $35 billion in Tokyo told Bloomberg. 

More to follow.

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