Sony (SNE) Blows Q1: Problems With Phone Unit And Economy

From Silicon Alley Insider: 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%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at