Sony Posts 46% Q2 Profit Fall News
Chris Leyton
27/10/2005
Times continue to be hard for the electronic giant...
Sony Corp today delivered its second-quarter financial results ending September 30th, signalling a 46% slump in profits based upon dwindling television prices and the cost of Playstation3 development.
Net income for the period stood at 28.5 billion yen ($247 million) compared with 53.2 billion yen a year ago.
The worldâs second largest manufacturer of electronics has been loosing market share to the likes of Samsung and Apple in recent years, which recently appointed CEO/Chairman Howard Stringer has tried to turn around with a three-month plan signalling the loss of 10,000 jobs and increased spending on its chip and screen businesses.
If this fails it seems as though Stringer will be quick to make drastic changes as TVG earlier revealed, splitting the company into distinctive entertainment and electronics operations which could have a heavy impact on the game division.
Due to a lack of trading activity Sony Corp have also sought permission to de-list its shares from nine different stock exchanges including Chicago, San Francisco, Toronto, Frankfurt, Düsseldorf, Paris, Brussels, Vienna and Switzerland. The electronics giant will however maintain a presence on the Tokyo, Osaka, New York and London listings.