Sony has posted today the results of its 4th quarter earnings which indicate a considerable drop of 95% in the company’s net profits.
According to the company, the sluggish holiday shopping season was the real culprit in their worse-than-expected quarterly results. In this quarter, different electronic items like cameras, TV and cell phones weren’t in people’s priority lists.
This huge drop in company’s profits came at the first time when the electronic division of the company posted its first ever operating loss. The company posted its first operating loss in 14 years.
Despite this huge drop in its net profit, the company still managed to have a 10.4billion yen profit, but it was quite meager than the 200.6b yen net profit a year back.
Nobuyuki Oneda, the Chief Financial Officer of the company, says in this connection: “There was quite deterioration in the economy just from the second half of the year, and foreign exchange affects it brought severe consequences to our business.”
These results were not quite shocking for the analysts, as Sony is always quite true in its financial predictions; the company has already reported that it’s expecting a 150b yen net loss for the current financial year.
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