In a move that was expected, Sony will sell off its Vaio personal computer business to investment firm Japan Industrial Partners, the company said this morning in Tokyo. Also on the electronics side, the company is continuing with a restructure of its TV business, with plans to spin the division off by July. As a result of the measures, Sony anticipates it will cut 5,000 jobs by the end of the 2014 fiscal year. The announcements were made as Sony reported consolidated financial results for the third quarter ended December 31, 2013, and adjusted its forcast for the fiscal year to a $1.08B loss. That’s compared to a previous estimate of a $295M profit. Restructuring costs of $690M are partly responsible for the revised figures. Overall, sales and operating revenue were up 23.9% to $22.9B, boosted by the new PlayStation 4 game console, which sold more than 4.2M units since its November launch. Operating income was also up to $860M. In the movie division, sales were down 13% on a U.S. dollar basis. Operating income dropped to $231M. The motion picture division saw lower theatrical and home entertainment revenues, despite the strong performance of Captain Phillips and Cloudy With A Chance Of Meatballs 2. The same quarter last year had Skyfall still in theaters while The Amazing Spider-Man and Men In Black 3 were clicking on the home entertainment front. On a U.S. dollar basis, sales for TV productions were up significantly, led by home entertainment and SVOD revenues for Breaking Bad.
Sony Q3 Operating Income Up, Movie Division Down; PC Unit To Be Sold & TV Spun Off Cutting 5,000 Jobs
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