Sony Revenues Down, Sony Music Off 5%
May 27, 2011 at 3:53 AM (PT)
SONY, suffering with all of JAPAN from the aftereffects of the MARCH earthquake and tsunami, reported revenue of $86.5 billion, down slightly from the previous year, and a net loss of $3.1 billion.
SONY MUSIC revenue fell 5% to $5.7 billion, attributed to "the continuing decline in the CD market as well as a difficult comparison with MICHAEL JACKSON releases the previous year. However, cost-cutting led to a slight increase in operating income to $469 million," reports THE LOS ANGELES TIMES.
There is better news ahead, as SONY noted revenue for 2011 would increase 6.6% to $92.2 billion and that it forecasts a net income of $983 million.