Sony net income down 95 percent

Sony announced a quarterly profit of 10.4 billion yen (approx. $115.6 million) on a revenue of 2.15 trillion yen. Revenue fell 25 percent from 2.86 trillion yen in the same period a year earlier, while net profit is down 95 percent. Sony also reiterated it expects a net loss of 150 billion yen (approx. $1.67 billion) for the full fiscal year through March - the company's first loss since 1995.

"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," Chief Financial Officer Nobuyuki Oneda said.

Sony Corp. said its net profit shriveled to 10.4 billion yen ($115.6 million) in the third quarter from 200.2 billion yen a year earlier. Revenue fell 25 percent to 2.15 trillion yen from 2.86 trillion yen.

The quarter includes the year's peak shopping season and is usually a big one for its core electronics division, which generates over half of its total revenues with well-known products like Bravia TVs, Cyber-shot digital cameras and Vaio computers.

But sales of such products fell nearly across the board as consumers held back, and Sony's electronics division posted an operating loss of 15.9 billion yen, versus a 200.6 billion yen profit a year earlier.

More details at AP.