Sony Q1 profit plunges nearly 50%

Several factors contributed to the massive drop in Sony profits: lower-than-expected earnings from Sony Ericsson; falling electronics prices; an increase in the value of the yen against the American dollar; and the lack of a blockbuster hit in the company's movie business.

Sales in the first quarter grew by just 0.1% to $18.6 billion. First-quarter operating income fell 39% to $678 million, according to company filings with the Securities and Exchange Commission.

Read the full article here.