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Sony posted a loss for the fourth consecutive quarter, hit by sluggish cellphone sales and as it cut prices of its PlayStation 3 game gear, but trimmed its full year loss forecast close to market expectations.
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Lee Jin-man / AP |
Sony's mobile phone joint venture with Sweden's Ericsson saw its sales tumble and losses balloon as it has lacked a strong smartphone offering to rival Apple [AAPL
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] iPhone and Research in Motion's [RIM
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] BlackBerry.
In its game operations, the Tokyo-based electronics and entertainment conglomerate launched a cheaper version of the PS3 last month to better compete with Microsoft Corp [MSFT
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]Xbox 360 and Nintendo's Wii.
The move put pressure on Sony's profitability, but spurred console sales ahead of the key holiday season, brightening long-term prospects of the struggling game operation at a time when Nintendo's top-selling Wii console is losing steam.
Sony cut its operating loss forecast to 60 billion yen from 110 billion yen for the year to March, compared with a 227.78 billion yen loss a year earlier, and smaller than the consensus of a 68.8 billion yen loss in a poll of 21 analysts by Thomson Reuters.
Sony is the world's second-largest LCD TV maker behind Samsung Electronics, but the third-ranked LG Electronics has recently been gaining on it.
In July-September, Sony's operating loss was 32.6 billion yen, compared with a 11.05 billion yen profit a year earlier and beating the consensus estimate of a 59.2 billion yen loss.
Shares in Sony closed up 2.8 percent ahead of the results, outperforming a 2.1 percent rise in the local electrical machinery index.
Sony shares gained 41 percent since the start of the year through Thursday, while the subindex put on 28 percent.
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Data is a real-time snapshot *Data is delayed at least 15 minutes