Sony Corp. Reports First-Quarter Loss

Sony Corp. Reports First-Quarter Loss

Sony Corp. Reports First-Quarter Loss
Sony Corporation reported a loss of $316 million and a 1.4 percent increase in sales to $19.2 billion for the first quarter ending June 30. The company attributed the loss to low overseas earnings due to a strong yen value, and decreasing television and video game console sales. Sony's music division, which includes Sony Music Entertainment, Sony Music Entertainment Japan, a 50 percent stake in Sony/ATV Music Publishing, and the recently acquired EMI Music Publishing, reported a 9.8 percent drop in sales to $1.25 billion, while operating income decreased 39.8 percent to $92 million. The decrease was attributed to the global decrease of physical music sales and fewer significant releases in Japan during the quarter. (8/2)  

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