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Sony Profits Crash 50%

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It was probably to be expected...

Following mostly poor (to dreadful) financial results for nearly all electronics companies (excluding Apple) Sony has shown it isn't bullet proof either. The mega-corp has turned in disappointing first quarter figures this week revealing profit has fallen almost 50 per cent to $326.9m compared to $620 over the same period last year. The company cited the lack of a 'Spiderman 3' blockbuster equivalent (praise be?) during this time to boost figures.

On the plus side Sony's much lamented PlayStation division has completed a dramatic turnaround to become the company's best performing sector with PS3 sales hitting 1.56m for Q1, more than double the 700,000 shipped in the year ago quarter while PS3 software sales managed 22.8m a staggering leap of 18.1m on Q1 2008. Even the PSP's supposedly dead on its feet UMD format managed 3.72m sales, up from 2.13m in the corresponding quarter while PSP software sales increased by 2m to 11.8m.

Against this Sony blames an unfavourable exchange rate which saw it lose $133.6m while Sony BMG also struggled with restructuring costs seeing sales fall in line with the overall decline in the music market. Depressingly Usher's 'Here I Stand' and Neil Diamond's 'Home Before Dark' albums were the label's biggest sellers during the quarter. Consequently, Sony has lowered its overall full year profit forecast by $2.24 billion to $2.71 billion.

Pah, $2.71 billion - that's peanuts!

*Choke*

Link:
Sony UK

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