Sony Posts $198 million Q2 loss

5 Nov

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Sony has posted a loss of $198 million on revenue of $20.5 billion for its fiscal second quarter, marking an improvement over the $350 million loss it reported in the same period last year and $312 million loss in the first quarter. While that may be a sign that its ongoing restructuring is having a positive effect, the ailing outfit still disappointed analysts polled by Reuters who expected a net profit of approximately $194 million.
Sales in the company’s Imaging Products & Solutions unit dropped 16.7% on-year to $2.3 billion because smartphones are causing less interest in compact digital cameras. Similarly, despite pulling in over $3 billion, sales in Sony’s Home Entertainment unit fell 25% year-over-year, including a 31.5% drop in TV sales. However, the division’s operating loss was better than last year thanks to reduced LCD-related expenses.
After four consecutive annual losses, Sony expects to be back in the black for fiscal 2013. Although it recently lowered its earnings estimate from about $374 million to $250 million or so, the company hasn’t budged further on that number. However, it has slightly lowered its sales outlook from roughly $84 billion to $82 billion. This turnaround comes at the cost of 10,000 jobs worldwide along with the sale of various assets.

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