Cost Cutting Pays Off at Sony
After enduring several painful quarters of restructuring, Sony Corp. (SNE) posted its first quarterly profit in a year and narrowed its full-year loss projections.
The company also reaffirmed that its cost-cutting measures should finally deliver profitability at its closely watched electronics and videogame divisions.
“We think we’ve bottomed out and we can do fairly well going forward,” said Sony Chief Financial Officer Nobuyuki Oneda.
Restoring profitability at the electronics and videogames businesses, which account for about two-thirds of Sony’s revenue, has been at the core of a restructuring implemented at the trough of last year’s global economic downturn.
