Mixed News For Sony In Q2
October 30, 2009 at 4:28 AM (PT)
SONY, the parent company of SONY MUSIC ENTERTAINMENT, reported TODAY (10/30) that it slid to its third straight quarter of losses in the period from JULY through SEPTEMBER. THE WALL STREET JOURNAL reports SONY continues to "soak up hefty restructuring costs to cope with the lingering effects of the global economic downturn."
Good news, as SONY's operating costs returned to profitable in its consumer products business. SONY said it now expects to lose less in the 12 months through MARCH than it had originally expected, due to improving economic conditions.
SONY reported a net loss of ¥26.3 billion ($287.5 million) in Q2, compared with a net profit of ¥20.8 billion in last year's Q2. The company now expects a net loss of ¥95 billion for the fiscal year through MARCH 2010.