Sony records loss in latest quarter

Sony's latest financial results are in and the company is not only announcing a large loss for the quarter but, much like another Japanese company Nintendo, is predicting a massive loss for its entire fiscal year. It announced today that for the three month period ending on September 30 it recorded a loss of 27 billion yen ($346 million). compared with a net profit of 31.1 billion yen for the same period a year ago. Sony said that it now predicts it will have a net loss of 90 billion yen ($1.2 billion) for its full fiscal year, compared with a net profit of 60 billion yen for the same period a year ago.

Sony said that the losses are due to several factors, including the continuing floods in Thailand, which are disrupting supplies for a number of parts. A stronger yen is another reason cited by Sony for the loss along with a reduction in TV sales. Sony has plans to restructure its TV business that basically splits it into three groups; one to make the current LCD TVs, another for outsourcing the making of TV units and finally a division that is concentrating on the creation of next generation televisions.

Sony's Playstation 3 console sold 3.7 million units in the last quarter, compared to 3.5 million units in the same period a year ago. Sony has now sold 56 million units of the PS3 game console worldwide. Sony's huge overall loss means that Microsoft is the only one of the three console companies that recorded a profit for the last quarter.

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