Japanese electronics giant Sony continue to struggle, after their first quarter operating profits slid from that of a year earlier.
In the three months leading to 30 June, Sony posted a sharp 77% fall in operating profits to $80.27 million, far lower than Wall street analysts initial estimates. It shows there is still plenty for Sony’s new boss, Kazuo Hirai (who took the helm back in April) to do before he turns the company’s fortunes around.
Hirai is aiming to push growth in the camera, gaming and mobile markets for Sony, who have seen dramatic drops in sales of their AV and home theatre offerings.
Sony are also suffering by the dropping value of the Euro in comparison to their competitors. Sony’s European sales account for a fifth of all their revenue compared with a tenth at both Sharp and Panasoic.