Sony continues to suffer thanks to Euro

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Restructuring continues

Sony’s figures continue to slide even after the optimism that accompanied the arrival of its new CEO Kazuo Hirai.

For the first quarter Sony made a net loss of $312 million. This is despite bringing in $19.2 billion in sales for the three months ending June 30th.

This high sales figure was partly due to the fact that it bought Sony Mobile fully into the company figures.

However, the cost of restructuring the Mobile Products and Communications Division came to $143 million, wiping out the additional gains to record a loss of $356 million.

Sony suffered a $45 million loss as falling sales of the PSP and PS3 were only partially offset by the sales of the PS Vita.

Sony’s imaging division did a little better. While sales of compact cameras fell, thanks to everyone using their phones to take happy snaps, DSLRs and “Professional” products took up the slack, resulting in a profit of $160 million.

Sales of LCD televisions continued to fall and created an additional loss of $126 million.

The company’s Movie and TV business  recorded a loss of $62 million, although that’s primarily due to a dip in advertising sales in India and the cost of marketing The Amazing Spider-Man.

The profits of the blockbuster will not be seen until September.  Sony spent a lot to buy EMI this quarter and albums like Usher’s Looking 4 Myself and One Direction’s Up All Night helped the division make a profit of $92 million.

Sony’s biggest problem, though is the slow Euro which is hurting one of its biggest markets. The jumps between the yen and the Euro and the fact that Europeans are not actually buying much because of the recession is really hurting.

Sony has been restructuring as part of Kaz Hirai’s “One” Strategy, it also has $8.4 billion saved and it is hoping that reduced costs will help it make $1.6 billion in profit by the end of March 2013.

You can read the results report here

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