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Sony reports Q3 operating loss of $200 mn

Sony reports Q3 operating loss of $200 mn
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First Published: Thu, Jan 29 2009. 12 13 PM IST
Updated: Thu, Jan 29 2009. 12 13 PM IST
Tokyo: Sony Corp swung to a quarterly operating loss and reiterated a forecast for its first annual loss in 14 years, battered by a firmer yen and weaker demand while highlighting deepening woes at the electronics conglomerate.
The announcement was expected as the maker of Vaio PCs and PlayStation game machines cut its annual outlook last week for the third time this business year and unveiled preliminary results for October-December.
Sony reported an operating loss of ¥17.96 billion ($199 million) for the three months, down from a ¥236.22 billion profit a year earlier, joining other technology groups such as Samsung Electronics Co Ltd in posting a quarterly shortfall.
Sony, which competes with Samsung in LCD TVs and with Canon Inc in digital cameras, is struggling as the global financial crisis grows into a broad recession and hits consumer demand for gadgets.
For the year to March 31, Sony reaffirmed its latest forecast for a record operating loss of ¥260 billion, down from a ¥475.3 billion profit the previous year and close to a consensus forecast for ¥264 billion loss in a poll of 10 analysts by Reuters Estimates. ($1=90.08 Yen)
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First Published: Thu, Jan 29 2009. 12 13 PM IST