Sony's first-quarter figures for 2012 are out, revealing that despite the company's optimism at the end of its last financial year, it's made a net loss of $312 million. It managed to pull in a whopping $19.2 billion in sales for the three months ending June 30th, credited to bringing the company's mobile operations wholly into the family. However, the cost of restructuring its Mobile Products and Communications division (of which Sony Mobile is a part) came to $143 million, wiping out the additional gains and recording a loss of $356 million. Gaming-wise, the PlayStation maker suffered a $45 million loss as falling sales of the PSP and PS3 were only partially offset by the sales of the PS Vita. The conglomerate had better news in its imaging division, while sales of compact digital cameras fell, DSLRs and "Professional" products took up the slack, resulting in a profit of $160 million.
In a trend we've seen across nearly all of the biggest names in Home Entertainment, sales of LCD televisions continued to fall across Japan, North America and Europe -- with another loss, this time of $126 million. Its Movie and TV business hit a loss of $62 million, although that's primarily due to a dip in advertising sales in India and the cost of marketing (but not producing) The Amazing Spider-Man, the profits of which won't be recognized until September. Finally, while the company spent big to purchase EMI this quarter, big-ticket albums like Usher's Looking 4 Myself and One Direction's Up All Night helped the division snatch a profit of $92 million. While Sony's treading water to execute Kaz Hirai's "One" strategy, it's still got $8.4 billion stashed under the mattress, and in the face of lower sales, is hoping that reduced costs will help it make $1.6 billion in profit by the end of March 2013.
Developing....
Sony eats $312 million loss in 2012 Q1 results originally appeared on Engadget on Thu, 02 Aug 2012 02:30:00 EDT. Please see our terms for use of feeds.
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