Sony Corp. Reports First-Quarter Loss

Sony Corp. Reports First-Quarter Loss

Sony Corp. Reports First-Quarter Loss
Sony Corporation
reported a first-quarter loss of $191 million, a wide deficit compared to a profit of $289 million during the year-ago quarter, and a 10 percent drop in sales to $18.5 billion. The company attributes the loss to the magnitude 9.0 earthquake that hit Tohoku, Japan, in March, the recent global online security breach and declining TV sales. Sony's music division, which includes Sony Music Entertainment, Sony Music Entertainment Japan and a 50 percent stake in Sony/ATV Music Publishing, reported a 6 percent drop in sales to $1.4 billion, while operating income increased 61.4 percent to $149 million due to the strong performance of key releases including Adele's 21, Beyoncé's 4, Foo Fighters' Wasting Light, and music from the TV show "Glee." (7/28)

Vinyl Sales Up 55 Percent In The UK
Vinyl album sales in the UK increased 55 percent during the first six months of 2011 with more than 168,000 sold, compared to more than 108,000 sold during the same period in 2010, according to figures released by the Entertainment Retailers Association. The best-selling vinyl album in the UK for the year to date is Radiohead's King Of Limbs, which sold more than 20,000 copies. Beady Eye's Different Gear Still Speeding is the second-highest-selling vinyl album with 2,374 units sold, and Adele's 21 is third with 2,317 units sold. In related news, vinyl sales in the United States reached 1.88 million for the first six months of 2011, a 41.2 percent increase compared to the same period last year. (7/28)

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