Sony back in black on cheap yen, healthier sales
Sony Corp. is back in the black for the fiscal fourth quarter, recording a 93.9 billion yen ($948 million) profit, with big help from a weaker yen that boosts overseas earnings.
Sony Corp. is back in the black for the fiscal fourth quarter, recording a 93.9 billion yen ($948 million) profit, with big help from a weaker yen that boosts overseas earnings.
Dozens of Sony executives including the firm’s chief are foregoing bonuses this year in an “unprecedented” step to atone for a slump in its embattled electronics unit, a spokeswoman said Wednesday.
Sony is still struggling but has reduced its red ink for the latest quarter to a 10.7 billion yen ($115 million) loss.
Sony is in talks with suitors including Taiwan’s Hon Hai Precision over the sale of its battery business, a report said Thursday, as the Japanese firm tries to repair its dented balance sheet.
Japan’s embattled electronics sector suffered another blow on Thursday as ratings agency Fitch downgraded industry titans Sony and Panasonic to junk status for the first time.
Sony Corp. reported Thursday a smaller flow of red ink for the fiscal second quarter on a sales recovery and restructuring efforts and stuck to its full year forecast for a return to profit from its worst loss in company history the previous year.
Sony shares tumbled below 1,000 yen for the first time since 1980 as the Tokyo stock market plunged early Monday following a dismal performance from Wall Street and amid global economic concerns.
Japanese electronics giant Sony on Thursday posted a record full-year loss of $5.7 billion, but vowed it would swing back into the black this year as it embarks on a huge restructuring plan.
Sony has little chance of winning back its reputation as an innovator or vaulting ahead of stronger rivals with the “ordinary” turnaround plan its new chief unveiled last week, analysts said.
Sony on Thursday said it would cut about 10,000 jobs in the fiscal year ending in March 2013 as the struggling electronics and entertainment giant moves to stem massive losses.
Japanese entertainment giant Sony on Thursday more than doubled its full-year net loss forecast to $2.9 billion, one day after announcing that its president and CEO Howard Stringer would step aside.
Japan’s Sony and South Korean rival Samsung are dissolving their joint venture in liquid crystal display panels as Sony tries to stanch years of losses in its TV business.
