Sony (SNE) lost $292 million in the quarter ending in September, the company announced this morning.
While not exactly good news, this figure is far better than expected, as consensus projections had the company losing well over $400 million.
This marks the fourth consecutive loss for Sony. It is now predicting that losses for the year will total ¥95 billion ($1 billion).
The company blames the dollar and reduced demand due to the recession; sales were down 20% from a year ago.
The improved numbers come on the strength of an aggressive program of layoffs and cost-cutting measures which Sony says is now 80% complete.
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