August 2, 2012 |
For Sony Corp. , it was a another quarter of red ink. The Japanese consumer electronics and entertainment giant Thursday posted a wider loss its first quarter on slightly higher revenue as sales of its television sets and game consoles declined. Sony lost $312 million on $19.2 billion in revenue for the quarter ended June 30. A year earlier, Sony lost $196 million on $18.9 billion in sales. On a per-share basis, Sony recorded a 31-cent loss, compared with a 20-cent loss the year before.
August 2, 2012 |
The release of "The Amazing Spider-Man" overseas in late June and domestically in early July pushed Sony Pictures to an operating loss during the second quarter. Revenue for the Culver City studio increased 6% to $1.9 billion thanks in part to the box office performance of "Men in Black 3," which has grossed $619 million worldwide (although given its hefty budget of nearly $250 million and participants like Will Smith and Steven Spielberg taking a share of revenue, it's not clear how big a profit Sony will make on the picture)
May 10, 2012 |
Sony Corp., anxious to leave behind a year plagued by floods, earthquakes, economic turmoil and a record $5.6-billion loss, vowed Thursday to return to profitability this year. The Japanese consumer electronics and media giant forecast that it would increase revenue 14% and post a modest $366-million profit this fiscal year, thanks to aggressive cost-cutting and top-to-bottom reorganization that would de-emphasize its once-dominant television business and focus on more profitable products.
April 20, 2012 |
The European Union's antitrust regulators have approved Sony Corp.'s $2.2-billion acquisition of EMI's publishing business, clearing a major hurdle in Sony's ambition to create the world's largest music publishing group with rights to about 2 million songs, including some by David Bowie, Stevie Wonder and Pink. The deal announced Thursday still needs to clear U.S. regulators, who have historically been more lenient than their European counterparts. Nevertheless, antitrust experts cautioned against celebrating too soon.
April 9, 2012 |
Sony Corp.will cut 10,000 jobs, or 6% of its workforce, as the Japanese electronics conglomerate and its new chief executive try to wiggle back into the black. The company's new head, Kazuo Hirai, will confirm the reductions in what is sure to be a heavily watched briefing on Thursday, the country's Nikkei newspaper reported Monday . Hirai, who took over from Howard Stringer earlier this month, must attempt to steer Sony from its predicted fourth consecutive annual loss back to fighting form against stronger device-making rivals such asApple Inc. Much of the employee scale-backs will come from Sony's deeply unprofitable television business , which has been losing money for the better part of a decade to lower-cost competitors such as Samsung and Vizio.
March 28, 2012 |
Sony Corp. unveiled a top-level organizational shake-up that signals key shifts in the Japanese company's priorities in consumer electronics as incoming Chief Executive Kazuo Hirai works to turn around massive losses. Hirai, promoted a month ago to replace Howard Stringer as the company's top officer effective Sunday, has restructured the electronics business around three "pillars": mobile, games and digital imaging. As of Sunday, the new mobile group will include both Vaio laptops and the Sony Ericsson cellphone business, while the games segment will include all PlayStation products.
March 22, 2012 |
Sony Corp. is tapping its Hollywood studio chief, Michael Lynton, as its top entertainment executive in the U.S., the latest development in a well-orchestrated succession plan atop the Japanese electronics and media giant. Lynton will soon be named chief executive of Sony Corp. of America, a role that adds oversight of the company's music sales and publishing businesses to his purview, according to people briefed on the matter but not authorized to speak publicly. He will continue to run movie and television studio Sony Pictures Entertainment in Culver City, although Sony's American unit is headquartered in New York.
February 16, 2012 |
Sony's takeover of Sony Ericsson is now complete and the smartphone maker has a new name -- Sony Mobile Communications. But make no mistake, you'll be seeing simply "Sony" on smartphones from the company going forward. Sony Corp. in Japan announced the finalization of the takeover of the company, which started as joint venture between tech giants Sony and Ericsson in 2001, on Wednesday, thus bringing to a close a deal announced in October . Sony purchased Ericsson's half of the joint venture for about $1.5 billion.
February 3, 2012 |
Kazuo Hirai had little to celebrate after just being crowned the next chief executive of Sony Corp. Pummeled by a weak global economy, natural disasters and a strong yen that made its products more expensive overseas, Sony said it was on track to lose $2.86 billion in its current fiscal year, one of the Japanese technology and entertainment giant's worst annual results. The projected annual loss was more than double what Sony anticipated just three months ago when it forecast a $1.2-billion loss for its fiscal year ending March 31. Although the lion's share of the additional red ink - about $1.5 billion - would come from one-time charges from the sale of its stake in an LCD panel facility, foreign exchange fluctuations and other write-offs, about $181 million would be attributed to weakness in Sony's performance, analysts said.
February 2, 2012 |
Kazuo Hirai, whose 28 years at Sony Corp. steeped him in the gaming and music businesses as well as the consumer electronics side, has been appointed the struggling company's next president and chief executive. Hirai's promotion is effective April 1, the beginning of Sony's next fiscal year. The 51-year-old executive will succeed CEO and President Howard Stringer, who will remain as chairman. Hirai joined Sony in 1984, fresh out of college. His first job was as a junior marketing executive at a joint music venture owned by CBS and Sony in Japan.