“Sony Corp. sank to a 138 billion yen ($1.3 billion) quarterly loss, hit by costs from selling its personal computer business, and is forecasting more red ink as it struggles to execute a long-promised turnaround,” Yuri Kageyama reports for The Associated Press.
“The Tokyo-based maker of the PlayStation 4 game machine, Bravia TVs and Walkman digital player also reported Wednesday a loss of 128.4 billion yen ($1.3 billion) for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year,” Kageyama reports. “It forecast a 50 billion yen ($490 million) loss for the year ending March 2015 as overall sales are expected to be flat without its Vaio PC business.”
“The PC-related losses are expected to continue this fiscal year, totaling 80 billion yen ($784 million), on top of the 92 billion yen ($900 million) for the fiscal ended March 2014,” Kageyama reports. “Sony has lost much of the brand cachet that stemmed from once being at the cutting edge of consumer electronics. In recent years it has fallen behind in digital recorders and flat-panel TVs while also facing competition from a host of new players that can make appliances at lower costs… It has never managed to take full advantage of having both electronics and entertainment businesses under its wing. In contrast, Apple has succeeded with iTunes and its App Store, which in turn helped the popularity of its hardware such as the iPhone and iPad.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “russ” for the heads up.]