Sony reported a near 86 percent plunge in net profit for its fiscal second quarter on Tuesday, as the Japanese electronics giant took a hit from a stronger yen and costs from the sale of its battery business, as well as softness in key areas like games and semiconductors.
Net income for the quarter ended September 30 came in at 4.8 billion yen ($45.8 million) down from 33.6 billion yen in the same period last year. The dollar has depreciated from around 120 against the Japanese currency to 104.76 on Tuesday, which has weighed on Sony's earnings.
Sony's results come after it cut its annual profit outlook on Monday due to charges related to the sale of its battery business. The Japanese technology giant expects to report an operating income of 270 billion yen for the year ended March 2017, down from a previous forecast of 300 billion yen, and over 8 percent lower on the year before.
Operating income in this quarter fell 48 percent to 45.7 billion yen, down from 88 billion yen last year. This included an impairment charge of 32.8 billion yen related to the sale of its battery business.