Sony Posts $199 Million Quarterly Loss
Sony Posts $199 Million Quarterly Loss
Sony released its fiscal first-quarter results Thursday, posting a $199 million loss thanks to the devastation caused by the March 11th earthquake and tsunami in Japan and weak television sales. The results were also impacted by a cyber attack on the company's Playstation Network and a strong yen, forcing the company to reduce its outlook for full year earnings by 25 percent.
The company's loss of 15.5 billion yen compares to 25.7 billion yen in profit in the same period a year ago. Sony is now expecting full year profits of about 60 billion yen, down from the 80 billion yen it was expecting to earn back in May. Despite the downgrade, the new forecast would still represent a vast improvement over last year's net loss of 259.6 billion yen.
One of the few bright spots for the company was Sony Pictures, which saw earnings rise 9.3 percent to 132.1 billion yen thanks to the success of films like “The Green Hornet,” Just Go With it,” and “Battle: Los Angeles.” Sony Music enjoyed higher sales revenue thanks to successful releases from Adele, Beyonce and the Foo Fighters, but revenue for the unit declined because of the strong appreciation of the yen against the dollar.
Sony released its fiscal first-quarter results Thursday, posting a $199 million loss thanks to the devastation caused by the March 11th earthquake and tsunami in Japan and weak television sales. The results were also impacted by a cyber attack on the company's Playstation Network and a strong yen, forcing the company to reduce its outlook for full year earnings by 25 percent.
The company's loss of 15.5 billion yen compares to 25.7 billion yen in profit in the same period a year ago. Sony is now expecting full year profits of about 60 billion yen, down from the 80 billion yen it was expecting to earn back in May. Despite the downgrade, the new forecast would still represent a vast improvement over last year's net loss of 259.6 billion yen.
One of the few bright spots for the company was Sony Pictures, which saw earnings rise 9.3 percent to 132.1 billion yen thanks to the success of films like “The Green Hornet,” Just Go With it,” and “Battle: Los Angeles.” Sony Music enjoyed higher sales revenue thanks to successful releases from Adele, Beyonce and the Foo Fighters, but revenue for the unit declined because of the strong appreciation of the yen against the dollar.
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