Sony Returns to Q3 Profit on Consumer Electronics Surge

29 October 2002

Sony swung back into the black in the third quarter, but warned it had “heightened concern” over the prospects for the global economy in coming months.

The electronics colossus reported net profits of ¥44.1 billion ($357m; €363m; £229m) in the three months to September, up from a loss of ¥13.2bn in the same quarter last year. Sales stayed largely flat at ¥1.79 trillion.

Key to the results was an improved performance by Sony’s consumer electronics arm, where operating earnings swung from a ¥23bn loss last year to ¥26.3bn profits, despite a 3.6% fall in sales to ¥1.27 trillion.

The strength of this division reflects resilience in US consumer spending, changes in which can hit Sony hard. However, the group said it is concerned that such demand, in America and elsewhere, will wane in coming months.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff