Sony Forecasts US$1.15 Billion Loss For This Fiscal Year

Next Story

Daily Crunch: Athlete

Sony issued their latest financial results today, and in a nutshell, the numbers aren’t looking good for the second quarter of the fiscal year, and they aren’t expected to improve for the fiscal as a whole either. Big S lost US$346 million in the quarter that ended on September 30, while the company reported US$397 million in profit in the same time frame last year.

Sony revised both forecasted sales and income for this year downward and now expects revenue to hit US$83 billion (minus 10% when compared to the latest forecast in June) and a full-year loss of a whopping US$1.15 billion. In June, Sony predicted US$768 million in profit for the fiscal.

So what happened? According to Sony, various factors are affecting their business this year, including the rising yen, the floods in Thailand (Sony is making electronics there and had to cope with production problems), and weak LCD TV sales.