New Sony financials and analysis out:
http://marketday.msnbc.msn.com/_news...7-billion?lite
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Sony Corp. racked up a record annual loss of 457 billion yen ($5.7 billion) in its fourth straight year of red ink as the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president.
The electronics and entertainment company, which also makes "Spider-Man" movies, reported Thursday a loss of 255 billion yen ($3.2 billion) for the January-March period — its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.
Sony shares, valued at around $15 billion or just 3 percent of rival Apple Inc, this week slipped to a quarter century low.
Quarterly sales inched up 1.2 percent on-year to 1.6 trillion yen ($20 billion). Annual sales plunged nearly 10 percent to 6.5 trillion yen ($81 billion).
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They are, if nothing, consistent:
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Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung Electronics Co. of South Korea and other Asian rivals.
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"In handsets, without big innovations, Sony will still be a second-tier smartphone market player," SR Kwon, an industry analyst at Dongbu Securities in Seoul, told Reuters. "Will Sony get much better as time goes by? I'm not that optimistic. Currency is not the only problem, the bigger problem is that Sony has failed to catch up with consumer trends in TVs and handsets."
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Sony also sees an 11 percent decline in sales this year of its PlayStation games console, to 16 million.
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They do have a bit of good news coming: they have a new Spider-Man movie coming in a few months. Of course, it *is* a reboot under a whole new team and new cast...