Japanese electronics giant Sony posted a net loss of 37.1 billion yen ($391 million) for its fiscal first quarter, compared with a 35 billion yen profit in the same period a year before. Quarterly sales were hit 19.2 percent to 1.56 trillion yen ($16.4 billion). Sony's results were better than anticipated due to cost cutting, currency exchange rates and stock market gains. More info at Yahoo News.
The results were better-than-expected because of cost cuts, an easing of the yen's appreciation and gains on the Tokyo stock market, according to Sony, which has music and movie divisions as well as making the Walkman portable music player and flat panel TVs. Analysts surveyed by Thomson Reuters were forecasting a 109 billion yen loss.