TOKYO (AP) - Sony is reporting a bigger loss for the April-June quarter at 24.6 billion yen ($316 million) despite a sales recovery from a disaster-struck previous year.
The Japanese electronics and entertainment company said Thursday its income was hurt by a surging yen, which erases overseas earnings, and by declining sales of liquid-crystal display TVs and video game machines.
Tokyo-based Sony Corp. said it’s expecting to return to the black for the fiscal year through March 2013, with a 20 billion yen ($256 million) profit. It posted a 456.6 billion yen loss in its last business year.
That was the fourth straight year of losses and the biggest loss in the 66-year history of the maker of the PlayStation game machines, “Spider-Man” movies and the Walkman portable.
By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
A conservative commentator and satirist takes on the worlds of politics and entertainment in pursuit of truth, justice and all things America.
Politics, economics, and business from a real world perspective.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Are there profound differences between the Left and the Right? You betcha.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention