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Sony loses $391 million

Published: Saturday, August 1, 2009 12:48 AM CDT

TOKYO (AP) - Sony Corp. stuck to a forecast for big full year losses, citing falling gadget prices and a shaky global recovery, even as it posted lessdismal-than-expected results for the fiscal first quarter.

The maker of the PlayStation 3 game machine and Walkman portable music player said Thursday it sank to a net loss for April-June of 37.1 billion yen ($391 million) from a 35 billion yen profit a year earlier. Quarterly sales dropped 19.2 percent to 1.56 trillion yen ($16.4 billion).

The results were better than expected because of cost cuts, an easing of the yen's appreciation and gains on the Tokyo stock market, according to Sony, which also has music and movie divisions. Analysts were forecasting a 109 billion yen loss.

A new management team under Chief Executive Howard Stringer has been promising a nimbler Sony, but little in the way of specifics has been revealed. For decades, Sony, founded in 1946, was synonymous with quality electronics but in recent years the company has lost its footing, taking an embarrassing beating in portable music players from the iPod from Apple Inc. and falling behind in flat panel TVs.

Tokyo-based Sony remained cautious and kept its forecast for the fiscal year through March 2010 unchanged at a 120 billion yen ($1.26 billion) loss, citing too many uncertainties about the future.


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