- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- ING Prices Share Issue at Hefty Discount
- No Thanksgiving Rest for Retailers in Sales Race
- UK's Darling to Downgrade 2009 Growth Forecast
- US Companies Already Moving on Curbing Emissions
- Fannie Mae to Tighten Lending Standards: Report
- Investing in Good Karma – and Making a Profit
- Retailers Should Believe in Christmas Miracles
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- Kuoni CEO Sees Recovery in Travel Sector
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- Gold Retreats from Record High as Dollar Rebounds
- China Unveils Carbon Target Ahead of Copenhagen
- UK's Darling to Downgrade 2009 Growth Forecast
- No Thanksgiving Rest for Retailers in Sales Race
- Great Britain, No Longer That Great: Investor
- Dubai Struggles to Ease Debt Fears; Investors Rattled
- Attraction of Switzerland to Businesses
Text Size 
Sony reported a surprise quarterly operating loss on Wednesday, hit by losses in its videogame division and a fall in the value of its securities holdings, but it forecast a gain in profit this year.
 |
Sony posted an operating loss of 4.7 billion yen ($45.29 million) for January-March, compared with a 113.37 billion yen loss a year earlier, when it was hit hard by hefty startup costs for its PlayStation 3 (PS3) game consoles.
The loss compared with the average estimate for a 27.3 billion yen profit from five analysts polled by Reuters Estimates.
Sony, locked in a three-way battle with Microsoft and Nintendo in the global game industry, saw profitability at its videogame operations improve as it cut manufacturing costs of the PS3.
The sharp turnaround came despite a firmer yen and a stock market downturn.
A stronger yen eats into its overseas revenues when converted into the Japanese currency, and a slide in stock markets forces Sony's financial unit to post appraisal losses on its securities holdings.
For the year to March 2009, Sony said it expected operating profit to grow 20 percent to 450 billion yen, beating a consensus of 428.5 billion yen in a poll of 17 analysts.
Shares in Sony, which competes with Samsung Electronics in flat TVs and Canon in digital cameras, have lost 23 percent so far this year through Tuesday, underperforming the Tokyo stock market's electrical machinery index, which fell 7 percent.
Print
Email
- What you need to know.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes