Sony declares war on recession

Is Sony finally squirming out of the RED? Sony’s profit pronouncements echo Sony’s presentation at last year’s E3. We are on top of it; restructuring, lower product prices and profits. We might have hit hard times, our position is tenuous; but we’ll always be on top, Sony would say.

It seems as much is true, and that Sony has declared war on the recession with a big win. They’ve cut losses by half, 30 billion yen.

Sony has posted profits for the first time in 5 quarters; remarkable feat in this economy. The posted operating profit came in at 146.1 billion yen (1 billion pounds).

Sony has earned its bones, but the strong yen, and global recession still loom.“Earnings have bottomed out…whether the recovery will continue in the next business year depends largely on its [Sony’s] TV operations and videogames,” said Kazuharu Miura, a senior analyst at Daiwa Securities Capital Markets.

The report mentions Sony’s struggle with Nintendo for dominance in the world of videogames, and the strength of the PS3 Slim in holiday sales.

Via Reuters news service

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Written by Les T

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