Sony declared today that its net profit from the month of October to November 2008 quarter plunged by almost 95%. The company blames the lukewarm Christmas shopping season in which the electronic items such as cell phones, cameras, television sets and many more were much low in the priorities of the holiday shopping list.
The rigorous crash in profits overlapped with the first-ever operational loss of Sony’s electronics division. The company has herewith reported the functional loss for the first time in 14 years. Despite such a dramatic fall in the profits, Sony has shown a profit of about 10.4 billion yen, but very pale as compared to the profits of 200.5 billion yen just a year ago. According to Nobuyuki Oneda, the Chief Financial Officer declared that from the second half of September 2008, there has been a massive decline in the economy along with the effects of the foreign exchange and has resulted in extreme consequences to the business.
The last quarter reports should come across as no-surprise to all the analysts and Sony has been very transparent about the financial transactions for the coming year, but it still expects a 150 billion yen loss for the full financial year. Sony, being the electronic giant has suffered such a loss, it remains to see how much of the loss would the other companies announce.
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Tags: cameras, Cell Phones, christmas shopping, sony electronics
