Sony posts brutal earnings report, tallies $1.2 billion loss

Sony logoEarlier this week, Sony reported its quarterly earnings, missing already bad Wall Street estimates. Friday, Sony reported a staggering $1.2 billion loss, even with the company having unloaded its television and PC operations. The only bright spot in Sony's future appears to be the PlayStation 4.

Sales company-wide were 1.9 trillion yen ($17.4 billion), an increase of 7.2 percent compared to the same quarter of the previous fiscal year. This increase was primarily due to the contribution of the PlayStation 4 which continues to see strong sales, and outsell Microsoft's Xbox One.

An operating loss of 172.0 billion yen ($1.6 billion) was attributed to the company's mobile communications segment. This compares to an operating income of 8.8 billion yen in the same quarter of the previous fiscal year.

Sales in the games and network services division, including the PlayStation brand increased 83.2 percent year-on-year to 309.5 billion yen ($2.8 billion). Operating income of 21.8 billion yen ($200 million ) was recorded in the division, compared to an operating loss of 4.2 billion yen ($39 million) in the same quarter of the previous fiscal year.

The company is not changing its financial estimates for the rest of the fiscal year, which ends in March. Sony is facing over $2 billion in losses on the year, should estimates hold, before the end of its fiscal year.

Following the terrible quarterly results, rating agency Fitch and Moody has downgraded the company's credit to junk status. Standard and Poor has threatened that it will follow suit shortly, should Sony not turn around its future.

Source: Electronista

Tags: report, Sony

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