Sony Q1 profit plummets 77% despite $19.2 billion in sales

Sony Q1 2012 Earnings

Sony (SNE) on Thursday reported its results for the first fiscal quarter of 2012. The struggling Japan-based consumer electronics giant posted $79 million in operating profit for its June quarter, down 77% from the same quarter one year earlier. Analysts were expecting nearly triple the income Sony reported, and shares of the company’s stock were off more than 3% in pre-market trading. Revenue grew 1.4% in the first quarter to $19.2 billion while the company’s net loss attributable to stockholders worsened to -$0.31 per share. Sony’s display business managed slight growth over the first fiscal quarter last year, however losses from its mobile business skyrocketed and income from its gaming business swung from a profit to a $45 million loss. Sony lowered its full-year profit forecast to 130 billion yen, or $1.66 billion at Thursday’s exchange rate. The company posted a full-year loss of 67 billion yen in fiscal 2011.

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