Sony Misses Q1 Earnings, Cuts Guidance: Problems With Phone Unit And The "Business Environment"

A stumble for Sony and Howard Stringer, who’s been gathering praise for turning around the wobbly electronics giant: The company missed its Q1 profit goals and knocked down guidance for the rest of the fiscal year. The reasons: Problems with its Sony Ericsson JV, and “a more cautious outlook about the business environment” for its core electronics business.

Q1 profits fell 47.4%, to $327 million — more than 30% under consensus. And Sony knocked down its FY 2009 profit forecast by 17%. It pushed up its sales guidance, though, by 2%.

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