Sony posts big quarterly loss for 5th straight year
It’s been a rough ride financially for Sony over the past few years, and it isn’t getting any better. The company reported a loss of $578 million for the quarter that ended in March. That’s down from the already rough $491 million loss of last year. It’s the fifth consecutive year that the company has posted a loss in the January-March quarter, the last of their fiscal year. Sales on the quarter, however, were up 8.7% to $16 billion. The gains were from better sales in gadgets and TVs and help from a weak yen.
The company is mired in perhaps the longest period of restructuring of all time. Restructuring costs for the quarter, mostly in electronics, were $655 million. The loss was also increased by development costs for the PlayStation 3. The company will be hoping for huge sales for that new device as well as box-office success for their potential blockbusters like The Da Vinci Code to turn their fortunes around.
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