Sony Cuts Earning Forecasts By 57% - PS3, PSP, PS2

Sony today announced it had cut its earning forecasts for the year ending in March 2009 down from ¥470 billion to ¥200 billion, a decrease of 57%. It cited falling demand for its products, particularly LCD televisions and video cameras, increased competition from other brands, and the rising value of the yen relative to the global economic slowing as the cause.

For the past few years, Sony has been struggling to improve its profit margins, and while it was making slow but steady progress under new leadership, the international financial crisis seems likely to put the company back at square one.

SOURCE: The Times Online

Latest Reader Comments:

Posted by G-Train 24/10/2008 9:12am

This is surprising and kinda not at the same time.
Sony has been doing poorly for some years now, but that is the surprising part. They make arguably the best LCDs, and the PS3 is a phenominal media console, only the networking really lets it down.

I hope they stay afloat =\