Sony Posts $49M Loss
July 30, 2008 at 5:09 AM (PT)
SONY BMG lost a reported $49 million during the most recent quarter, based on a financial summary offered by SONY CORP. During the first quarter ending JUNE 30th, the label gained $21 million on revenues of $820 million, down 6.3% from year-ago sales of $875 million.
The Q1 slide is part of a broader drop at SONY CORP., which is hurting from less consumer demand for its products in NORTH AMERICA, EUROPE and CHINA.
SONY net profit dropped to $325 million in the quarter, down from $617 million previously. Those losses were prompted by a major slide at another joint venture, mobile music manufacturer SONY ERICSSON, which recently suffered a 97% drop in quarterly earnings.
The financial report comes as reports continue to swirl that SONY is looking to buy BERTELSMANN out of their joint SONY BMG venture. (NET NEWS 7/29).