Sony Is Still Feeling the Recession's Bite
The global recession continues to wreak havoc on Sony's earnings. On July 30, Sony (SNE) said it posted a $271 million operating loss for the April-June quarter, down from a $772 million profit in the same quarter a year ago, and that revenues dropped 19%, to $16.8 billion. That wasn't as bad as Sony had predicted. But Chief Financial Officer Nobuyuki Oneda said the company expected stiff price competition in the electronics industry in the coming months and was sticking with earlier forecasts for an operating loss of $1.16 billion in the fiscal year through March 2010.
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