October 27, 2005
Sony Profit Down 72%
Sony isn't doing so hot these days. CRT televisions sales are dying. They have been forced to buy LCD panels from their competitors for their LCD TVs. And worst of all, they lost the next-generation digital music hardware market to Apple. The only dominant beach-head they have is the Playstation, which is increasingly under attack from the $4 billion loss is nothing Xbox from Microsoft.
Sony Corp said its net profit for the first half to September tumbled nearly 72 pct to 21.20 bln yen because of falling prices of electronic products and high restructuring charges. But the world's second-largest maker of consumer electronics retained its forecasts for the year to March 2006, which were last revised a month ago, when Sony announced a three-year turnaround plan calling for 10,000 jobs to be cut and the shutdown of 11 manufacturing plants.
