Sony Drastic Profit Decline

2009-01-30 01:25:23 (GMT) (WiredPRNews.com - Business, News)

Sony net profits fall by an astounding 95 percent.

Wired PR News.com – Sony’s net profits decreased by 95 percent for the quarter ending in December. As reported by the Associated Press (AP), the company reported Thursday that the plunge resulted in part from poor sales for core products such as television sets, mobile phones, and digital cameras.

Sony, a Japanese company, reported net profits dropping from 200.2 billion yen to 10.4 billion in the third fiscal quarter, in comparison to the previous third quarter. As noted in the report, the company told of their financial issues repeatedly over the course of the last few weeks, with analysts predicting significant losses comparable to those actually reported. The company also previously stated that it would be reporting its first yearly loss in 14 years.

Sony’s expected streamlining efforts to help them rebound from falling profits include mass job cuts and the closing of approximately ten percent of its 57 plants.

Photo Credit: Simone Urbinati