Deciphering Sony’s earnings reports is always fun, because you get to incorporate multiple business lines, including a finance arm, along with Yen-Dollar exchanges rates, a joint venture and a generally oblique presentation style. Hence these two headlines this am:
NYT (via Reuters): Sony Posts Surprise Quarterly Loss
WSJ: Sony Swings To Net Profit As PlayStation Business Improves
And yes, both stories are correct: Sony (SNE) posted an operating loss of about $45 million due to problems with its financial services unit, but recorded net income of $290 million. See for yourself! Most important: Electronics revenue decline 5.4%, and the games business slid 6.4%, in part because Sony’s old PS2 game machine, which had continued to sell surprisingly well, finally started to slow down. But now that most of the development costs of the PS3 have been flushed through the system, the games business should start making money next year
Not mentioned a single time in Sony’s 10-page earnings release: Blu-ray.
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