Sony outlines factors resulting in financial losses

News

Sony outlines factors resulting in financial losses
Financial report for third quarter is grim.
Sony has announced significant losses for the third quarter of its 2011 fiscal year. The company faced an operating loss of $1.2 billion and a net loss of $2 billion on revenue. The loss on revenue translates to a 17.4% year-on-year decrease. This announcement comes in the wake of the news that Kazuo Hirai would take over as CEO and president from Sir Howard Stringer.

A number of causes were outlined for the company’s poor performance. Sony outlined that the primary factors were the impact of the floods in Thailand, deterioration in market conditions in developed countries, and unfavorable foreign exchange rates. In addition, Sony’s consumer product range sales dropped by 24% compared to last year. This was in part down to poor sales of TVs.

Sony has readjusted its forecast for the year as a result of these figures. It expects to see a $2.9 billion loss for the full year and has lowered its expectations and forecasts of digital camera and PlayStation 3 sales.


Source: link
Sony outlines factors resulting in financial losses on ClickOnline.com
About this author

mark@clickonline.com
Staff Writer
Recent Articles by this author
24 October, 2014
While Apple recently lost its primary manufacturing partner, the company still plans...
24 October, 2014
Microsoft recently announced that it was dropping “Nokia” from the Lumia...
22 October, 2014
Blizzard today announced that it has almost completed work on the Android tablet...
22 October, 2014
Sky updated its iOS and Android Sky+ app with a brand new feature, which lets users...