The financial results for the past three months of Sony Corp. were released today, forecasting a net loss of 110bn yen ($1.1bn) for the financial year ending March. This a revision downward from a previous prospect of 30bn yen profit.
The company reported a significant boost to sales and operating income, lifting the stock price. PS4 and Xperia smartphone and tablet sales were strong, as expected. All segments reported increased year-on-year sales and operating revenue, except for devices.
Sony has bit the bullet and sold of it’s PC business and is pushing out the TV division to a wholly-owned subsidary. This leads to impairment charges and write-offs with 5,000 job cuts planned before the end of the 2014 financial year. The PC business is sold to Japan Industrial Partners Inc. to “enhance the autonomy of the business”.
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