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EARNINGS

August 27, 1987

Sony's income plunged 59.2% to $23 million for the first quarter. The Tokyo-based electronics giant said it was hurt by declining exports due to the yen's sharp rise and heavier price competition in domestic and overseas markets. Overseas sales fell 3.5% to $1.44 billion. The company added that in the year-ago quarter substantial foreign exchange gains were recorded.

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