Sony Corp. announces quarterly loss of enough money to buy several small private islands

Sony Corp. announces quarterly loss of enough money to buy several small private islands

It’s a sad day in Sony land. The Tokyo-based company announced a 15.5 billion yen ($199 million) quarterly loss, due largely to the recent disasters in northeastern Japan, sinking TV prices, and a huge online security breach. The beleaguered entertainment and electronics giant stated that it would be lowering its profit projections for the fiscal year (ending March 2012) from $1 billion to $769 million. But before you get out your box o’ tissues to weep for Sony, let it be known that this still signifies a profit for the company after three years of not making a profit at all. So it’s actually good news! Or is it bad news? Ambivalent news? I don’t even know anymore.

Anyway, the TOTALLY good news is that despite repairs, cleaning, and damage caused by the spring earthquake and tsunami, the company is recovering quicker than expected. (Sony is also recovering from a series of cyber attacks that impacted the online PlayStation network.) Plus there’s that whole “Sony-made TVs are selling less” thing. But hey, some things are looking up. Like sales of Adele’s 21, Beyonce’s 4, music from Glee, and flicks like The Green Hornet. So yeah, go music industry! Get well(-ish) soon.

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