Now we know why Sony wanted to announce yesterday that Kazuo Hirai will replace Howard Stringer as CEO in April. U.S. shares are down about 5.4% in pre-market trading after the electronics and entertainment giant released a fiscal 3Q report filled with tales of woe — including in its filmed entertainment and music businesses. In the last three months of 2011, the company generated a net loss of $2B, down from a profit in the period last year, on revenues of $23.4B, down 17.4%. What’s more, Sony lowered its forecast for the fiscal year ending in March: It now expects to wind up with a $1.2B operating profit, which is 10.2% lower than it predicted in November. Sony’s biggest problem is the declining sales of LCD television sets in Japan, Europe, and North America. Revenues for Consumer Products and Services fell 24.4% to $12.8B in the quarter. Revenues grew for filmed entertainment, by 7.7% to $2.1B, but due to high marketing costs and the disappointing performance of Arthur Christmas the unit’s operating profit fell 84.8% to $9M. The Music operation also struggled with sales down 11.7% to $1.6B, and a 21.7% decrease in operating income to $196M. Bestselling titles included Adele’s 21 and music from the TV show Glee.
Sony Reports Year-End Loss And More Bad News Ahead
What's Hot on Deadline
After Protests, Mandy Patinkin Drops Plan To Take Over Lead In Broadway's 'Natasha, Pierre & The Great Comet Of 1812'
Mario Cantone Debuts As Potty-Mouth White House Communications Director Anthony Scaramucci On 'The President Show'
Latest Film News
- ‘Dunkirk’ Currently Pushing ‘Emoji Movie’ Out Of Top Spot With $28M+ – Late Night Update
- Patti Deutsch Dies: ‘Laugh-In’ And ‘Match Game’ Regular & Veteran Voice Actor Was 73
- ‘An Inconvenient Sequel: Truth To Power’ Review: Al Gore Back & More Vital Than Ever
- AT&T Formally Positions John Stankey To Run Time Warner’s Assets
- ‘Last Flag Flying’ Moves To Lionsgate And Up A Week On Release Schedule
- Lionsgate’s Jon Feltheimer Made $35.3M In Latest Fiscal Year, Up 223%