Posted by
alfredlester on Thursday, July 28, 2011 9:31:03 AM
TOKYO - Sony slashed profit forecast ITS Annual After sinking to one billion yen to 15.5, or $ 199 million, quarterly loss Thursday, as lingering effects of the Tohoku earthquake, a strong yen and punishingly lackluster TV Wiped out dirty ITS bottom line.
The electronics and entertainment company, Which is based in Tokyo, Said in a statement it now That Expected Net Income of 60 one billion yen for the fiscal year ends That March 31, 2012, Revising a one billion yen projection 80 made it just Two months ago.
Sony cut aussi Projected sales for the year to 7.2 trillion yen from a previous forecast of 7.5 trillion yen.
The company Said That icts net loss for the April-June quarter to 5.15 cam one billion yen, Compared with a profit of one billion yen, 25.7 for the Same Quarter a Year Earlier. The loss Significantly Higher Than a WAS 2.5 billion yen loss estimate in a Bloomberg survey of Three Analysts.
Sony Said That quake and tsunami damage to factories in the Tohoku area cam about 5.3 to one billion yen for the quarter, though Some Of That Would Be cost offset by insurance. It Also Said the recovery from the March 11 quake WAS Progressing "Faster Than Anticipated."
Meanwhile, Sony has-been battling slow demand for high-end STI Bravia TVs Growing Amid Global Economic Woes and Heightened price competition.
Though Sony saw brisk sales in Japan Before the country&&9;s switch from analog Earlier this month to digital broadcasting, sales in the United States and Europe Were sluggish, the company said.
Slower personal computer and video camera sales helped to Bring Sony&&9;s sales of consumer products division one billion yen to 732.3, down 17.9 percent from the Same Period the Previous Years.
A strong yen - about 13 percent Stronger Against the dollar in the latest quarter, Compared to the previous year - further Top hurt Sony profits paperless payday loans. A strong Japanese currency Makes Sony products more expensive, and less competitive Therefor, overseas. It aussi erode the company&&9;s overseas earnings are repatriated When They.
Sony aussi suffered a series of hacker attacks on Web sites and online STI services, Including STI popular PlayStation Network, the company Which WAS Forced to shut down in April. The WAS network fully restored Earlier this month, but not Without Damaging the reputation of Sony&&9;s online business.
The company Said That user logins to the PlayStation Network in North America HAD returned "to a similar level as cyber Before the attacks."
Sony Ericsson, Sony&&9;s long-Suffering mobile phone joint venture with the Swedish telecommunications giant, posted a dismal quarter, with sales down 32.1 percent from the Same Period Last Year. Sony Blamed the poor performance to a Lack of critical components in the wake of the earthquake and a fall in Shipments of cellphones Shifted to Consumers have more advanced smartphones.
Sony&&9;s movie division Was a bright spot, with sales up 9.3 percent in the quarter from the previous year to 144.4 yen on one billion home entertainment releases of titles like "The Green Hornet."
Sales at Sony&&9;s music division Fell 0.6 percent to 109.6 one billion yen, however, despite a new release albums from Beyonce and tied to the hit American TV show "Glee."
Shares in Sony Fell 1.1 percent to 2.013 yen in Tokyo trading Before the earnings announcement. Sony shares fallen 30 percent this Have year, far underperforming Japan&&9;s benchmark Nikkei 225 Stock Average, Which Has Fallen just over 3 percent.
Sony Slashes Profit Forecast Annual After Posting Quarterly Loss