Sony Profits Down 22% Losses $A1.4 Billion

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UPDATED: Sony has announced a massive loss of $A1.4 Billion dollars which is their first annual loss in 14 years. The result is lower than what analysts were tipping. Profits have fallen by 22%.

Sony has announced a massive overall loss of $A1.4 Billion dollars which is their first annual loss in 14 years. The result is lower than what analysts were tipping. Profits have fallen by 22%.

Overall electronic sales have crashed 17%, Playstation sales are down 18% and Sony Pictures down 16.4%. Losses in the consumer electronics segment of the market are over $2.5B dollars.

The Company has also said that Sony Bravia sales are down but have not yet said by how much. ChannelNews and SmartHouse initially predicted losses of between $3B and $4B based on estimates by Sony in January 2009.

Sony has also said that they are cutting 8,000 of its 185,000 workforce and closing 10% of its factories. 

 Sony also admitted that  sales had decreased significantly for products such as Handycam video cameras, Cyber-shot compact digital cameras and VAIO PCs. The absence of the previous year’s sales of LCD rear-projection televisions and CRT televisions, both businesses that Sony has exited, also contributed to the decrease in sales for the current fiscal year.

The loss against sales of consumer electronic products was a massive $2.66 Billion for the fiscal year ended March 31, 2009.

 Worldwide hardware unit sales (increase/decrease year-on-year):
 PS2: 7.91 million units (a decrease of 5.75 million units)
 PSP: 14.11 million units (an increase of 0.30 million units)
 PS3: 10.06 million units (an increase of 0.94 million units)
Worldwide software unit sales (increase/decrease year-on-year):
 PS2: 83.5 million units (a decrease of 70.5 million units)
PSP: 50.3 million units (a decrease of 5.2 million units)
 PS3: 103.7 million units (an increase of 45.8 million units)

Sony said that overall gaming hardware sales decreased year-on-year mainly due to the impact of the appreciation of the
yen against the U.S. dollar and the euro, in addition to a decrease in unit sales of PS2.

They claimed that despite an increase in PS3 software sales, overall software sales decreased  The operating loss was ($A928.5 million).

These are Sony’s first back-to-back losses since 1958 and will test Chief Executive Officer Howard Stringer’s focus on cost reductions instead of investing in new products claim Bloomberg. While job cuts and plant closures may help the company save 250 billion yen in costs this year, the maker of the PlayStation 3 lags behind Nintendo Co. in game-console shipments and trails Samsung Electronics Co. in television sales.

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