Sony Corp. reports $1.2bn quarterly net loss

Electronics giant Sony made a net loss of $1.2bn for the quarter ending September 30, according to its latest set of financial results for its fiscal Q2. In 2012 CEO Kazuo Hirai vowed to return the Sony Music parent’s failing electronics business to profit but estimated earlier this year that Sony would not be making any profit until 2015.

The firm attributes the poor results to its mobile phone business that is struggling against competition from the likes of Apple and Samsung.

Sony also reported an operating loss of 85.6bn ($785m) yen for same quarter although sales increased by 7.2% from the same time last year to 1.9bn yen ($17.4m) for the period, compared with a year ago.

Source: Music Week