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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
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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%.

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.
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)
Nobuyuki Oneda, Corporate Executive Officer, executive vice president and CFO of Sony, reacts during a press conference in Tokyo today.
Nobuyuki Oneda, Corporate Executive Officer, executive vice president and CFO of Sony, reacts during a press conference in Tokyo today.   (AP Photo/Koji Sasahara)
People walk outside Sony Corp.'s headquarters in Tokyo. Sony said its net profit plunged 95% in the October-December quarter due to weak holiday sales.
People walk outside Sony Corp.'s headquarters in Tokyo. Sony said its net profit plunged 95% in the October-December quarter due to weak holiday sales.   (AP Photo/Itsuo Inouye)
Men look at the Sony Corp.'s Bravia flat panel TV sets on display at a Tokyo store. Sony said its net profit plunged 95% in the October-December quarter.
Men look at the Sony Corp.'s Bravia flat panel TV sets on display at a Tokyo store. Sony said its net profit plunged 95% in the October-December quarter.   (AP Photo/Shizuo Kambayashi, FILE)
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Money • World

 
earnings reports • Sony • corporate earnings • yen • consumer electronics • Sony Playstation • financial crisis

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