Sony Woes Continue, Tech Giant Reports 24.6 Billion Yen Loss for Quarter
Sony’s business woes continue as today the tech giant reported a stinging loss of 24.6 billion yen ($316 million) for the second quarter of 2012, compared to the 15 billion yen loss the same time last year. But fear not Sony camera fans! The camera sales were not the where the loss was prevalent. In fact, cameras seem to be the only thing keeping Sony afloat.
“Sales edged up 1.4 percent to 1.52 trillion yen ($19.4 billion), helped by cameras, professional broadcasting products and mobile phones.” Sony’s losses came from poor sales in liquid crystal display televisions, game machines, and the strong Japanese yen. “The company said it was hurt in the April-June quarter by a strong yen, which erodes overseas earnings, and by declining sales of liquid-crystal display TVs and video game machines.
“Once the stellar brand symbolizing Japan’s technological prowess, Sony has lost its shine. It is getting beaten in TVs by South Korea’s Samsung Electronics Co. and by Apple Inc. in devices such as the iPhone and iPod.
“Sony said that for the latest quarter, TV sales had fallen but operating losses in the division had been trimmed to less than half of what they were the year before.” Sony also said that it’s game platforms, specifically the Playstation Vita, were not as high as they were hoping nor expecting.
Sony shares have lost more than half their value over the course of the last year.
It seems like cameras might be the only place Sony is making a profit, driven largely by the success of the Sony Alpha NEX-5N and their other mirrorless offerings.
[All quotes and story via Bloomberg BusinessWeek author Yuri Kageyama]