Sony’s net income has fallen over ¥50b from the last quarter, dropping to ¥20.8b. The company’s share price, which has been tumbling for weeks, fell to a 16-year low ahead of the financial report.
The news, as gloomy as it is, will not come as a surprise for electronic entertainment giant. The rising Yen continues to cut into Japanese exporting businesses, and the entire nation is feeling the pang of an increasingly disinterested American market.
Sony joins a growing number of Asian export companies who have reported a decline in profits. Companies like Canon, Honda and Samsung have all slashed their annual earnings projections.
Sony’s current financial troubles, however, do not seem to be so intrinsically connected to the PS3’s sales performance. Sony said it sold 2.4 million PS3 units in the quarter, which would make that an 86 percent rise on the same quarter last year.