Friday, July 29, 2005

Sony Reports a Loss and a Bleaker Profit Outlook - New York Times

Sony Reports a Loss and a Bleaker Profit Outlook - New York Times: " Sony, the struggling electronics giant, reported a second straight quarterly loss as sales of its television sets plunged, and slashed its profit outlook 88 percent for the financial year in a sign of its deepening troubles.
In the three months through June, Sony reported a net loss of 7.3 billion yen ($68 million), from a 23.3 billion yen ($216 million) profit last year. Its sales of TV sets tumbled 20.5 percent in the quarter, the biggest reason for a 3.3 percent drop in overall sales to 1.56 trillion yen ($14.4 billion).
The company also cut its annual profit forecast to 10 billion yen ($92.6 million) from 80 billion yen, citing declining profit margins and poor sales in its TV business."
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