Sony's Profit Off 95% in Q4

Company blames slow economy, strong yen for 25% sales slump across the board
By Jim O'Neill,  Newser User
Posted Jan 29, 2009 6:46 AM CST
Sony's new 70-inch BRAVIA XBR flat-panel LCD high-definition television is displayed in New York. Sony said its net profit plunged 95% in the October-December quarter.   (AP Photo/Sony, Henny Ray Abrams)
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(Newser) – Slumping demand, a strong yen, and increased competition knocked Sony’s third-quarter profits off 95% from a year ago, reports CNN. Sony reported profits of $110 million for the quarter ended Dec. 31, down from $2.2 billion a year ago. Sony’s gaming segment was hit especially hard, with its popular Playstation logging a 32% decline. Overall, sales were down 25%.