Sony reports net loss of $115 million in Q3 2012 earnings

Feb 7, 2013
10

On the tail end of quarterly earnings, Sony has reported its financial earnings for Q4 2012 (Q3 2012 fiscal year). The company made a revenue of $22.4 billion, but recorded a net loss of $115 million. However, the company managed an operating profit of $534 million for the quarter, and they ended up in the black for the fiscal year.

This is the eighth straight quarter that Sony has reported a loss. Sales were down 15.1% from last year, which resulted in an 86.4% decrease in profits. However, currency conversions and the strength of different currency values lessened the blow, since the dollar, euro, and pound strengthened against the yen.

However, the company cut sales targets for most of its divisions, including gaming, televisions, tablets, and phones. As expected the PlayStation 3, Vita, and PSP took a big hit. Sony's two portable handheld consoles combined for a fiscal-year estimate of 7 million, which is down 30% from the number projected back in November. Sony sold 2.7 million of the PSP and Vita during the third quarter.

Projected sales for TVs and cameras both fell by 1 million each. However, Sony's PlayStation event is right around the corner, in which we might see the PlayStation 4 come to fruition. If that's the case, this may the time to shine for Sony, but we'll ultimately have to wait and see how they do as the year progresses.


Must Read Bits & Bytes