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Sony Announces $2.9 Billion Loss

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Posted on February 2, 2012 AT 08:26am

THE BUZZ: Sony has announced a net loss of 158 billion yen ($2.9 billion) for its third financial quarter ended December 31, 2011.

According to the company sales fell 17.4 percent year-over-year, “primarily due to the impact of the floods in Thailand, deterioration in market conditions in developed countries, and unfavourable foreign exchange rates”. The Consumer Products and Services division — which houses Sony’s PlayStation devision — recorded a quarterly operating loss of 85.7 billion yen.

EGM’s TAKE: Sony has had a tough year and has a long road ahead to repair the damage. The majority of incidents have been out of its control, but it’s going to take strong leadership to fix these issues and get the company back into profit. However, many companies are recording a loss due to the tough economic climate, this is nothing out of the ordinary and shouldn’t be too much of a worry.

Matthew Bennett, Associate Editor
Matthew Bennett finally got his big break with EGM three years ago, following years of volunteer work for various sites. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Follow him on Twitter @mattyjb89. Meet the rest of the crew.

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