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Thursday, October 31, 2013
Sony Posts Quarterly Loss

Sony cut its full-year profit targets and posted a net loss for the September quarter as its TV operation fell back into the red.

The Japanese company posted a net loss of 19.3 billion yen ($196.65 million) for its second quarter. Its TV operation flipped from a 5.2 billion yen operating profit in the first quarter to a 9.3 billion yen loss.

Sony's operating income decreased 15.5 billion yen year-on-year to 14.8 billion yen (151 million U.S. dollars). This decrease was primarily due to a significant decline in operating results in Sony's Pictures segment, partially offset by a significant improvement in the Mobile Products & Communications segment, reflecting strong smartphone sales, and the favorable impact of foreign exchange rates.

Sony reported a 6.9% year-on-year decreasse in sales of its video cameras and compact digital cameras. Sony sold just 2.8 million cameras, down from 4.1 million at the same point a year ago.

The company also saw decreased unit sales of PlayStation 2, PlayStation 3 and PSP hardware, which were partially offset by increased PS3 software unit sales compared to the same quarter of the previous fiscal year. Two million PS3s were sold in the last quarter and PS3 game sales contributed more to earnings.

Sales of Sony's mobile devices were increased 39.3% year-on-year. This significant increase was primarily due to the favorable impact of foreign exchange rates, a significant increase in unit sales of smartphones and an increase in the average selling price of smartphones, partially offset by a significant decrease in unit sales of PCs. Sony said it sold 10 million smartphones in Q3, up from 9.6 million in the previous quarter. PC sales went up slightly from Q1, but are still down by a lot (from two million to 1.5 million) from last year.

Sony's Home Entertainment & Sound (HE&S) sales increased 11.8% year-on-year primarily due to the favorable impact of foreign exchange rates, partially offset by a decrease in LCD television unit sales.

Operating loss of the segment decreased 3.7 billion yen year-on-year to 12.1 billion yen (123 million U.S. dollars). This improvement was primarily due to a 3.1 billion yen decrease year-on-year in restructuring charges, net, and cost reductions in Sony's televisions segment.

In Televisions, sales increased 18.7% year-on-year, primarily due to the impact of foreign exchange rates. Operating loss decreased 0.9 billion yen year-on-year to 9.3 billion yen (95 million U.S. dollars) primarily due to cost reductions, partially offset by a decrease in unit sales of LCD televisions year-on-year.

Sony's lackluster box office performance contributed to a 17.8 billion yen ($181 million) operating loss for Sony's pictures division, the company said.

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