Sony cuts earnings forecasts by 57%

Thursday, 23 October 2008 11:00 GMT By Mike

According to this GI piece, Sony has cut its earnings by 57 percent and “downgraded its operating profit forecast” for year ending March 2009.

Sony had originally banked on ¥470 billion (£2.9 billion) in profit but have have revised that figure to ¥200 billion (£1.2 billion).

The company cited lack of demand for its products as well as “the strengthening yen’s impact on its export business, particularly on the company’s videogame activities.”

This comes in wake of PlayStation boss Kaz Hirai claiming that the company wasn’t “recession proof”.

Price cut now, surely? Unless you’re not making any profit on it to begin with, of course.

More through the link.

By Mike Bowden