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

Updated Dec 19th, 2018 8:31PM EST
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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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Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.

His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.