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Feeble electronics sales erode Sony's net profit
Sony said Thursday its net profit plunged 95% in the October-December quarter, as the holiday shopping season provided no respite for the struggling electronics giant and tepid sales of TVs, digital cameras and cell phones hit its bottom line.
The Japanese manufacturing icon said its usually dependable electronics division posted its first-ever operating loss in the fiscal third quarter. It also reiterated its forecast for a net loss of 150 billion yen (US$1.67 billion) for the full fiscal year through March - its first loss in 14 years.
"From the second half of September last year, there has been a sudden deterioration in the economy, and with the effects of foreign exchange it has had severe consequences on our business," Chief Financial Officer Nobuyuki Oneda said.
