News
Sony sees profits plunge
Ben Furfie Jul 30 2008, 11:08am
Blames mobile and music divisions, but electronics also sees fall and games surprises
Sony has blamed increase competition and problems in its mobile phone and music divisions for profits plunging 47 per cent compared quarter one 2007 to ¥35bn (£163m).
Increased sales and a surprise profit in its game division failed to lift the rest of the company, and despite a rise is sales and operating revenue, price competition forced both operating revenue and profit down.
Both its Vaio and Cybershot & Handycam divisions experienced significant price erosion due to increase competition and falling demand, especially in developed markets. Sales however were up by 0.7 per cent thanks to increase demand for its Bravia line of televisions.
Profit in its electronics division was down to ¥44bn (£205m), down from ¥103.5bn (£483m) at the same point last year.
You can read more about Sony's gaming division's profits at our sister site MCV and its mobile division at Mobile Entertainment.
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