Sony Corp. Reports Third-Quarter Loss

Sony Corp. Reports Third-Quarter Loss

Sony Corp. Reports Third-Quarter Loss
Sony Corporation reported a loss of $2.04 billion and a 17.4 percent drop in sales to $23 billion for the third quarter ending Dec. 31. The company attributed the loss to the October floods in Thailand and weakening global demand. Sony's music division, which includes Sony Music Entertainment, Sony Music Entertainment Japan and a 50 percent stake in Sony/ATV Music Publishing, reported an 11.7 percent drop in sales to $1.6 billion, while operating income decreased 21.7 percent to $196 million. The decrease was attributed to fewer significant new releases during the quarter. (2/2)

Facebook Files For IPO
On Feb. 1 social networking service Facebook filed a $5 billion initial public offering with the Securities and Exchange Commission. According to the filing, Facebook's revenue totaled $3.7 billion in 2011, an 88 percent increase compared to the prior year. Advertising revenue increased 69 percent to $3.2 billion, accounting for 88 percent of total revenue. Facebook added 237 million monthly active users in 2011, bringing the total to 845 million. (2/2)

Music Startups Funding Up 27 Percent In 2012
Investors contributed a total of $65.55 million to music startups in January, an increase of more than 26.5 percent compared to funds contributed during the same period last year. Audio distribution platform SoundCloud received the highest amount of investor funding among music startups in January with $50 million, followed by Next Big Sound ($6.4 million) and Moontoast ($6 million). (2/2)

 

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