Profit at Sony Drops 47%; Sales Are Flat for Quarter

Sony reported a 47 percent slide in quarterly profit on Thursday, as sales of television sets and Walkman music players fell and its Hollywood studio failed to produce any big hits. Sony would have reported a loss were it not for a one-time gain equivalent to $637 million. The gain resulted from the transfer of part of the company’s employee pension plan to the government. Sony also expects to see a loss of approximately $87 million for the fiscal year ending in March. It would be the company’s first annual loss in more than a decade.

Read (New York Times)

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