Sony profits slump by 90%

Quarterly results

29 October 2008 14:17 GMT / By Katie Scott

Sony has had a really tough quarter, admitting that its profits have slumped by a staggering 90% in the past 3 months.

Sony reported that its operating profit totalled 11.05 billion yen for July through to September, which was down from 111.62 billion yen from a year earlier.

Its net profit fell 72% to 20.8 billion yen on sales of 2.07 trillion yen, down 0.5%.

Despite this, the company has opted not to change its full year forecast, which is predicting a 58% decline in profits as compared to the results a year ago.

Canon has also cut its full-year outlook, while Panasonic has bucked the trend and is predicting an annual outlook of 8% profit growth.

Sony shares have lost 68% of their value since the start of the year.

Full tags

Biz, Gadgets, Sony, Panasonic, Cameras, Canon, Samsung