Sony Loss Widens

Sony Corp. reported a wider loss in its fiscal first quarter as restructuring costs, the strong yen and a large dip in sales in its home entertainment and sound segment weighed on its bottom line.

Sony said it posted a net loss of ¥24.64 billion ($314 million) in the three months to June 30, compared with a loss of ¥15.50 billion a year earlier. Operating profit was down 77 percent, to ¥6.28 billion from ¥27.5 billion. Both figures were far worse than the average forecast of analysts polled by Thomson Reuters, who expected a net loss of ¥1.23 billion and an operating profit of ¥17.57 billion. Revenue was up 1.4 percent to ¥1.515 trillion.

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