Sony Corp. Blows A Billion In '08
May 14, 2009 at 4:01 PM (PT)
SONY CORP. lost about $1 billion in the 2008 fiscal year, which ended MARCH 31st, including a loss of almost $1.75 billion in the fourth quarter. According to HOME MEDIA DIGEST, SONY made a profit of over $300 million in the prior-year 4Q.
Huge revenue declines were reported in electronics and gaming revenue (down 17% and 18%, respectively) for the year, while a decline in home entertainment revenue all but wiped out a $305 million in the film division.
Sales of over 10 million PLAYSTATION 3s during the fiscal year represented a decrease over the preceding year, due to increased competition, which was also responsible for $a 611 million annual operating loss in SONY’s gaming unit. SONY sold 2.2 million non-PS3 Blu-ray Disc players for the fiscal year, along with about 500,000 Blu-ray recorders. In fiscal 2008 the company reported selling nearly 10 million DVD players, but expects that to drop to closer to 9 million in 2009, as more people transition to Blu-ray.
To soften the blow of a soft economic climate, SONY will cut its worldwide plants by 10% and eliminate 8,000 jobs by next JANUARY.