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

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Sony announces huge round of layoffs as it breaks off TV business, dumps PCs
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Sony announces huge round of layoffs as it breaks off TV business, dumps PCs

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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