Published On: August 4, 2009

Sony's Quarterly Profit Dives $390,000,000

Published On: August 4, 2009

Sony's Quarterly Profit Dives $390,000,000

Bloomberg.com is reporting that Sony posted a huge loss in the quarter that ended on June 30, 2009--to the tune of $390,000,000. The loss wasn't actually as bad as some experts were predicting, so at least the consumer electronics giant has that going for it.

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Sony, one of the world's most respected names in electronics, posted a staggering $390,000,000 loss in the quarter ending June 30, 2009. As compared to a year earlier - Sony profited to the tune of 35 billion yet thus the recession is hitting the electronics company hard. Aggressive layoffs and the success of Blu-ray as a home entertainment couldn't float the CE conglomerate this quarter.

Sony beat some market estimates calling for an 80 billion Yen loss but still the news is a shock to the system for the consumer electronics business which is reeling from the effects of a deep recession and stagnant housing market.

Panasonic and Samsung are gaining market share as is warehouse store champion Vizio. Sony still remains the leading brand in consumer's mind when it comes to HDTVs, video game systems and home theater in general.

Source: Bloomberg.com

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