Sony’s quarterly profit drops by nearly half

“Sony Corp. said Thursday its profit in the latest quarter dropped by nearly half from a year ago, as electronics sales stayed flat, its movies business stumbled and earnings suffered from a heavier tax burden and losses related to equity holdings. The electronics and entertainment company reported a net profit of 28.5 billion yen ($246 million) for the three months ended Sept. 30, down 46 percent from 53.2 billion yen the same period a year ago,” Yuri Kageyama reports for The Associated Press.

Kageyama reports, “Like other Japanese electronics makers, Sony has been struggling in the last several years amid falling prices in consumer electronics and the emergence of cheaper Asian rivals. Sony fell behind Apple Computer Inc.’s iPod in portable music players. It was also late in putting out flat-panel TVs, falling behind Japanese rivals Matsushita Electric Industrial Co. Ltd., which makes Panasonic brand products, and Sharp… Sony announced a revival plan last month under Chief Executive Howard Stringer, the first foreigner to head the Tokyo-based company.”

Full article here.

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Perhaps Sony ought to quit stalling and finally sign on the dotted lines for Apple’s iTunes Music Store Australia and Japan? It sounds like Sony could use all the revenue they can generate.

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