Sony Tips Lower Losses Panasonic Bigger Profits

X

Sir Howard Stringer the CEO of struggling Japanese consumer electronics Company Sony believes that he is closer to turning the Company around after slashing 16,000 jobs, closing 8 factories and moving production of Sony branded products to third party manufacturers.

Senior executives from Sony, who is currently bleeding billions in losses, are hoping to save over $3.5 billion dollars via their cost cutting. In a briefing to journalists earlier today Stringer said that hopse to return to profitability by March 2013 and that Sony’s future lies in content, 3-D TV, gaming and Blu ray.

Stringer said that he expects to restore the Companies loss-making liquid crystal television business and video games operations to profit in the fiscal year ended March 2011, with a 20% market share the target for the 12 months ending March 2013.

However he failed to outline how he was going to compete against a surging Samsung and Apple, two Companies who are delivering record profits while taking market share away from Sony.

Earlier this week Sony raised its forecast because of “second-quarter results that exceeded expectations”. It said it expected to lose Australian dollar $1.4 Billion instead of the forecast $1.6 Billion.

In comparison Samsung made a profit of $3.5 Billion and Apple $1.9 billion in the last quarter.

 

The Financial Times in London reported that the performance of Sony’s core electronics business was mixed. The troubled TVs-to-cameras consumer division returned to operating profit in the quarter, earning a 1.1 per cent operating margin on sales down by 37 per cent on last year at Y800bn.

The operating loss in networked products, however, which includes Playstation video games and is supposed to deliver much of Sony’s future growth, increased to Y58.8bn as sales of the old Playstation 2 died away and Sony cut the price of its flagship PlayStation 3 to compete with rivals.

Also looking for a turnaround is Panasonic who yesterday announced that they had cut $2.5 Billion in costs and were now set to deliver a yearend profit of $1.4 Billion. Early in the year Panasonic had losses of over $5 Billion.

BEL2535 BPB024 4SQ Banners 728x90 Sony Tips Lower Losses Panasonic Bigger Profits
Uniden Channelnews SoloX July 2024 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
728 x 90 Sony Tips Lower Losses Panasonic Bigger Profits
4Square Media Banner Ads Update at 5 July JSAU05JUL1 Buddy 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
Hisense KV BannerAd 728 90 Sony Tips Lower Losses Panasonic Bigger Profits
appliance retailer leaderboard may 728x90 Hitachi updated Sony Tips Lower Losses Panasonic Bigger Profits
JBL TourPro3 728x90 Sony Tips Lower Losses Panasonic Bigger Profits
AU X8 Banner 728x90 Sony Tips Lower Losses Panasonic Bigger Profits
BlueAnt 4SQM PumpAirUltra 728x90px Sony Tips Lower Losses Panasonic Bigger Profits
728x90 Sony Tips Lower Losses Panasonic Bigger Profits
728x90 Sony Tips Lower Losses Panasonic Bigger Profits
MOTO 36331576 Q3 Ad Banners 728x90 2 Sony Tips Lower Losses Panasonic Bigger Profits
GOTHAM 728px x 90px Sony Tips Lower Losses Panasonic Bigger Profits
ELX DIG Crosscat Promo 728x90 Mar25 Sony Tips Lower Losses Panasonic Bigger Profits
Px7 S3 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
Skullcandy 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
FA 979 HN MDF SG14 14gen 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
FLOODLIGHT 2024 Banner 728x90px Sony Tips Lower Losses Panasonic Bigger Profits
Marshall 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
Flick of a switch 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
Westan 728x90px Sony Tips Lower Losses Panasonic Bigger Profits
ChannelNews AZ100 728x90 Sony Tips Lower Losses Panasonic Bigger Profits
HAIER Series 600 FLW HPD Pairs 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
250527 SAV Channel news June25 Leaderboard 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits
4Square Media Banner Ads Update at 5 July JSAU05JUL1 MR 728x90 1 Sony Tips Lower Losses Panasonic Bigger Profits


YOU MAY ALSO LIKE