Sony laments seventh consecutive quarter of loss

Japanese electronics giant attributes sees sales decline in imaging, gaming and home entertainment, with mobile and comms performing strongly

Sony recorded a 16.6 per cent drop in sales for the second quarter of 2012, as the vendor suffered its seventh consecutive quarter of loss.

Turnover for the Q2 ended 30 September 2012 stood at 249.9bn yen, compared with 299.7bn yen in the same quarter a year ago.

However, the Japanese vendor saw a leap in operating profit of 29.8bn yen, compared with an operating loss of 18.4bn yen in Q2 2011. This was attributed to a combination of insurance recoveries relating to the Thai floods, and lower restructuring costs for the quarter.

Breaking down the results into product sets, the firm's imaging products and solutions business declined 16 per cent, which it attributed to growing uptake of smartphones eating into digital camera sales; gaming dropped 15.8 per cent as console sales continued to slide; and home entertainment and sound plummeted 25 per cent, which it attributed to "reductions in LCD panel-related expenses".

Finally, sales of devices dropped 16.6 per cent year on year. Both pictures and music also registered a drop in sales.

On a more positive note, the firm's financial services revenue leapt 25.7 per cent year on year, and its mobile and communications division registered a whopping 112.1 per cent growth in sales.

Earlier this year the vendor revealed plans to slash 10,000 jobs as it battles to return to profitability and it warned of a continuing severe operating environment.

"Despite the fact that the operating results recorded for the second quarter were better than expected, consolidated operating income forecast for the full fiscal year remains unchanged because uncertainty regarding economic trends in the second half of the fiscal year suggests that a severe operating environment is likely to continue," it said.