Sony financial results show company is still in the red, but improving
Sony has posted its financial results for Q2 of the fiscal year and though the company is still operating at a loss, there are signs of improvement.
During the period of July through to September, Sony lost $198 million. A huge number of course, but a considerable improvement when you consider that during the previous quarter Sony posted a loss of $312 million.
The figures suggest that the decision by Kaz Hirai, the Sony CEO, appointed earlier this year, to close a lens plant in Japan along with moving the mobile divisions headquarters from Sweden to Tokyo has had a positive effect. It’s thought such measures meant that more than 10,000 employees lost their jobs.
Another reason the tide appears to be turning for Sony is down to its mobile division. Having severed ties with Ericsson, it earned $3.85 billion in sales and operating revenue this last quarter, though it still operated at a loss of $296 million.
However, picture, music and home entertainment & sound divisions all continued to decline in sales and therefore lose the company money. Notably, a decrease in gaming sales has also affected the firm, which Sony blames on a decrease in demand for the PS3 and PSP. This has been only partly offset by the contribution of the PS Vita, which has underperformed.
Sony will be hoping that these latest financial results, though still painful to read, mark a change in fortunes.