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Sony Slips Further Into The Red
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| Sat, Aug 04 2012 | 12:01PM | Filed under: Business / Industry| PermaLink |
Posted by: STAFF
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Sony is halfway through an ugly restructuring period as it seeks to cut costs, consolidate markets, and turn its once-mighty television business around. That's a difficult proposition for any company, but the Japanese giant's recent earnings call was gloomy even under these circumstances. Modest upticks in Imaging Products and Services and Pictures were offset by heavy declines in gaming, home entertainment, and music. The company reported a $314M loss for its first quarter of fiscal year 2012 and cut forecasts for a number of markets.
Sony pinned part of the blame on continuing economic turbulence in Europe and America, but investors weren't willing to accept this as the sole explanation.
What the company refuses to do is admit that the Vita is dead on arrival.
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