Revenue

01/31/2009

39 Comments

 

Sony on Thursday reported a 95 percent decline in profit for the fourth quarter of 2008. The electronics maker didn't get the sales boost it hoped for during the holiday shopping season as consumers turned to competing products. The Japanese company said sales decreased 24.6 percent year over year as its electronics division sales plunged 29.3 percent in the wake of yen appreciation, the economic downturn, and intensified price competition.

"From the second half of September last year, there has been a sudden deterioration in the economy, and with the effects of foreign exchange it has had severe consequences on our business," Sony Chief Financial Officer Nobuyuki Oneda said in an Associated Press report. Sony's game segment performed even worse. Sales decreased 32.2 percent compared to the fourth quarter of 2007.

 


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