Sony Quarterly Loss Narrows
As a result of lower restructuring costs and an increase in game sales, Sony’s quarterly loss narrowed.
Sony is expecting a 40% profit increase as the year continues.
An Associated Press article says,
Sony has been fighting off growing competition in consumer electronics from cheaper Asian manufacturers, while falling behind other rivals in critical hits like the iPod from Apple Computer Inc. Sony has been struggling to make a turnaround, but the latest results show its recovery remains weak.
Sales declined during the quarter in mobile phones, portable music players and old-style TV sets, although they were up in flat-panel and rear-projection televisions. The launch of the PlayStation Portable, the handheld video-game machine, helped boost sales in Sony’s game operations, Sony said.
Sony shares went up 2% before the company announced its earnings.