TOKYO (Reuters) – Sony reported its fourth quarterly loss followed, from July to September, hit by slumping sales of mobile and a price cut of the video game console PlayStation 3.
Sony posted an operating loss of 32.600 billion yen ($ 362.000 million) in July-September period compared with a profit of 11.050 billion yen in the same period last year.Analysts on average were expecting a loss of 59.200 billion yen. However, analysts noted signs of improvement in many units of the conglomerate.
“The initial impression is good. The results were lifted by an improvement in LCD televisions. And also saw a strong improvement in the financial business, especially in Sony Life” said Kazutaka Oshima, chief executive of Rakuten Investment Management.
“The picture looks slightly better, but we need to see if its semiconductor business will rise. I also see good prognosis because Sony managed to narrow their losses despite the strong yen,” he added.
Sony cut its loss for the fiscal year ending March 2010, to 60,000 million yen ($ 680.000 million), from 110.000 billion yen, slightly better than the consensus forecast of a loss of 68.800 billion yen according to a Thomson Reuters poll of 21 analysts.
The cell phone venture of Sony and Sweden’s Ericsson suffered more losses and fewer sales, since it lacks a strong rival to Apple’s iPhone and RIM Blackberry.
Last month, Sony released a lower-priced version of the PS3 console to better compete with Microsoft’s Xbox 360 and Nintendo Wii.
So much for Sony style. That cut into its profitability, but increased sales, improved prospects before the season year-end key.
Panasonic sees increased demand
Panasonic increased its operating profit forecast for the year by 60% and scored its first profit in three quarters thanks to robust sales of DVD recorders and home appliances.
Operating profit for the quarter was 49.100 billion yen, up from 118.600 billion yen in the same period last year.
Panasonic, which plans to strengthen in the auto battery segment with the acquisition of Sanyo Electric, raised its forecast earnings for the year to 120,000 million yen from 75,000 million yen.
The local demand for their refrigerators, low energy consumption was driven by state subsidies for environmentally friendly appliances.
What is the easiest way to trade stocks:You should join a penny stock newsletter. These tell you when to enter and exit the market. One that I highly recommend is Microcapmillionaires. For a start they are Offering 3 Free Stock Picks For a Limited Time. This Offer Will End Once a Reasonable Amount of Subscribers Have Been Reached. So go HURRY try them for free...