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Report: Sony Shrinks Games Losses, To Miss Goals

Sony’s PlayStation division shrank its operating loss by about ¥100 billion ($956 million) in the previous fiscal year, according to a report in The Nikkei Business Daily. Despite this boost in overall profitability, Sony is expected to miss its target fo
As translated by Reuters, The Nikkei Business Daily has reported that Sony’s video game division saw its operating loss shrink by about ¥100 billion ($956 million) in the previous fiscal year. Previously, the game unit had posted a ¥232 billion ($2.24 billion) operating loss in the year ended March 2007, primarily due to start-up costs for the PlayStation 3. Sony’s PlayStation division recorded a profit for the first time since the PlayStation 3’s launch in the company’s third financial quarter ending December 31st, 2007. The game unit posted an operating income up from a loss of ¥54.2 billion ($524 million) the previous year to a positive figure of ¥12.9 billion ($125 million) attributing the increase to reduced PlayStation 3 hardware costs. The Nikkei Business Daily also expects that the company will report a fivefold operating profit jump to ¥380 billion ($3.6 billion) on the strength of digital camera sales in its full-year earnings report on May 14. Despite the rise, the company will likely miss its forecast by ¥30 billion ($290 million). Sony spokeswoman Mami Imada stated that the The Nikkei Business Daily report was based on the paper’s speculation and declined to provide any further comment.

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