Loss sees Sony cut full-year profit goal
Print Edition
Sony Corp cut its full-year profit targets after slipping to a quarterly net loss as its recovering TV operation relapsed into the red.
The Japanese electronics maker’s worse-than-expected performance, a setback after years of striving to return to its former glories, also featured weak sales of video cameras and a steep slump in personal computers in the July-September quarter.
With a quarterly net loss of 19.3 billion yen (US$197 million), Sony’s bad news yesterday came in stark contrast to an upbeat showing by Japanese peer Panasonic Corp. It also stirred doubts about how the best-known Japanese technology company can anchor a turnaround as rivals like Apple Inc and Samsung Electronics Co have gained dominance through heavy investment in new mobile devices.
“I still cannot see any fundamental and believable strategy for the rebirth of Sony’s electronics business,” said Makoto Kikuchi, CEO of Tokyo-based Myojo Asset Management.
“On the other hand Panasonic, which is shifting its business away from consumer electronics, is reporting better-than-expected results. The contrast is like night and day.”
The TV operation flipped from a 5.2 billion yen operating profit in April-June — its first quarterly profit in three years — to a 9.3 billion yen operating loss.
Japan’s consumer electronics makers have long been hobbled by losses from their TV operations, hit by stiff competition from Asian rivals.
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