Sony didn't exactly have what you could call a good 2008 to 2009 financial year for 2008 to 2009 - reporting a ¥98.9 billion loss - and the first quarter of this financial year suggests things aren't getting much better. The damage? A net loss of ¥37.1 billion (£235 million).
Compared with last year's Q1 profit of ¥35 billion that's not a good sign for Sony. Some explanation is forthcoming in the 19.2 percent reduction in Sony's revenue, year on year, from ¥1.98 trillion to ¥1.6 trillion. The math savvy among you may notice that drop is a fair bit more than Sony's loss this quarter, suggesting Sony is adjusting to the current financial climate somewhat.
Unsurprisingly Sony is still blaming "the slowdown of the global economy and appreciation of the yen" on its less-than-ideal financial results. Restructuring expenses, which should ultimately lead to a reduction in Sony's costs also took their toll. If the result is wider PlayStation Network availability and touchscreen Vaios, however, it should be money well spent.
Sony is predicting a ¥120 billion loss for this current financial year outwardly, but Sony seems keen to better those (likely conservative) estimates. CFO, Nobuyuki Oneda, says that: "Internally, we are aiming to at least break even."
I'm almost inclined to think such hopes might not be entirely far fetched. Windows 7's release is just around the corner - and is likely to boost PC sales - while the PlayStation division is having a better time of things - the PS3 finally seeing the appreciation some of us would argue it has always deserved - and that's forgetting that the number of great Walkman, Bravia and other products Sony has produced recently, or is brining out soon.
In other words, you'd be silly to write Sony off just now.