Sony Issues Warning
Sony revealed today a remarkable 30 billion yen ($244 million) loss in their first quarter results. While sales have risen an estimated 29% for the quarter, nearly half of Sony’s main product lines have reported sales declines. Due to manufacturing-related expenses, Sony has slashed its profit projection for the year to 90 billion yen ($728.9 million), down from 150 billion yen ($1.2 billion) forecasted in April. Demand, rising inventories, and falling prices are of Sony’s warnings in what may hurt its business in the remainder of the year.
7/27/2001 Matt Stensrud