Sony's Q3 Results Reflect Ongoing PS2 Problems

The decline in profits was blamed on PS2 production delays caused by parts shortages, as well as on the slowing U.S. economy. The game division's net profits declined 23% from the same period last year. Sony showed a group operating profit of $1.24 billion for the quarter, which exceeded expectations. However, Sony also had to cut its profit projections for the fiscal year (ending March 31) in half, again blaming weak performance in the game division. Sony's stock closed at 8,510 on Thursday, down 0.82 percent.