Sony reports Q1 loss, cuts full-year outlook

Sony reported a net loss for the three month period from April to June as the company dealt with unfavorable exchange rates, cut-throat competition in the consumer electronics business, and a hacking attack on its online gaming network.

The consumer electronics giant posted a net loss of ¥15.5 billion (US$191 million) for the quarter against a profit of ¥25.7 billion in the same period of 2010. Sales and operating revenue dropped 10 percent to just under ¥1.5 trillion.

Sales in Sony's two primary business units slumped and the company downgraded its outlook for the year to March 2012.

The consumer products and services division, which includes Sony's Bravia LCD TV and Vaio laptop computer operations, registered an 18 percent drop in sales compared to the same period in 2010, while the professional devices division, which includes Sony's components business, saw sales fall 16.5 percent. Read more...