Sony Reports Poor First Quarter Financial Results

| | Comments (0)
SonySony announced its consolidated financial results for its first fiscal quarter ended June 30, 2011. Sony's results suffered heavily from a poor global economy, the effects of the recent Japanese earthquake and the cyber-attack on Sony's PlayStation Network. Sony does say that at least the PlayStation Network logins are back to pre-attack levels. Of course, the other (more important factors) still hit Sony hard in this quarter, and game-related sales fell slightly. Read on for more details...
For Sony's first fiscal quarter ended June 30, 2011, the company reported a net loss of ¥15.5 billion yen (a net loss of around $191 million) compared to net income of ¥25.7 billion in the comparable quarter the previous year.

Sony reported that the lower sales and operating results were "due mainly to the negative impact of the Great East Japan Earthquake as well as the deterioration of the electronics business environment" That's Sony's polite way of saying that the giant earthquake screwed up everything in Japan, and the awful state of the global economy means fewer people are purchasing expensive consumer electronics.

Sony's Consumer Products & Services division (that includes game operations) reported operating income of ¥1.7 billion (around $21 million), but the big drivers of this number appear to be lower-than-expected sales of LCD televisions and lower PC prices. Sony did not significantly break out game operations, except to say that "Game" sales in the division were ¥125.253 billion during the quarter, compared to ¥142.102 billion in the same quarter the previous year.

Leave a comment

About this Entry

This page contains a single entry by Editor published on July 28, 2011 11:12 PM.

Capcom Books a Minor First-Quarter Profit was the previous entry.

Nintendo Has Grim First Quarter, Will Push Harder on the 3DS and Reduce Leadership Compensation is the next entry.

Find recent content on the main index or look in the archives to find all content.


Add to Technorati Favorites