Sony Corp third quarter losses top two billion

That Sony Corp’s financials will be disappointing has become something of a given of late, and the electronics and entertainment giant’s latest figures did not fail to disappoint. The conglom posted a loss of over $2 billion for its most recent quarter.

The strong yen and flooding in Thailand hitting manufacturing bases were partly to blame, but so were disappointing sales. As previously reported, Sony’s Bravia TV division has been underperforming the most. The company’s new CEO Kazuo Hirai, due to take over from the incumbent Howard Stringer, will particularly focus on that side of the business as he attempts to turn round the company’s fortunes.

Music-wise, the Sony record company saw revenues and profits decline, 11.7% and 21.7% respectively, despite it distributing Adele’s phenomenally successful album ’21′ in the US. Ms Adkins’ album and ‘Live At The Royal Albert Hall’ DVD were among Sony’s most lucrative sellers, along with Susan Boyle’s latest and all that ‘Glee’ nonsense. According to Billboard, Sony Corp Of America CFO Rob Wisenthal, when discussing Sony Music, was very optimistic that the company would be having a very good 2012 now that the leadership of new boss, record industry veteran Doug Morris, is starting to take hold.

Sections: Music Business | Tags: Sony Corp

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Friday February 3rd, 2012 11:48

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