Sony’s profits for the three months to June 30 have been all but wiped out as weak consumer demand hit sales.
The electronics colossus posted net income of ¥1.12 billion ($9.4 million; €8.2m; £5.8m) for the quarter, the first of its fiscal year. Although an improvement on the ¥111.1bn loss sustained in the three months to March, profits were down 98% in year-on-year terms. Sales plunged 6.9% to ¥1,600 billion, while operating profits plummeted 67.9% to ¥16.7bn.
Consumer demand was hit by SARS and the poor Japanese economic climate. However, analysts also pointed to Sony’s decision to focus on products in lower-growth areas.
Data sourced from: Financial Times; additional content by WARC staff