Sony Q3 Down $2 Billion, Sony Music Off 11.7%
February 2, 2012 at 3:44 AM (PT)
SONY CORP. has reported THURSDAY a third-quarter net loss of more than $2 billion, and reports THE WALL STREET JOURNAL, "forecast a much wider full-year loss than previously expected, dragged down by losses in its television business and the impact of the strong yen on its European operations. The Japanese entertainment and electronics conglomerate reported a net loss of Y159 billion ($2.09 billion) for the quarter ended DECEMBER 31st, compared with a net profit of Y72.3 billion in the year-earlier period. Revenue fell 17% to Y1.822 trillion during the quarter."
Sales at SONY MUSIC were down 11.7% year-on-year to $1.582 million. SONY reported that the decrease in sales was primarily due to fewer new significant releases in the current quarter compared to the same quarter of the previous fiscal year and the appreciation of the yen.
Best selling titles during the quarter included ADELE's 21 and SUSAN BOYLE's "Live at the Royal Albert Hall."
SONY's reported losses come a day after the company announced plans to replace CEO HOWARD STRINGER in APRIL with Videogame and Consumer Electronics Division chief KAZUO HIRAI.