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Bad Times for Sony

sony-ceo

Sony just announced its Q4 results with a 95% decline in profits. Extracted from Associated Press :

Sony Corp. said its net profit shriveled to 10.4 billion yen ($115.6 million) in the third quarter from 200.2 billion yen a year earlier. Revenue fell 25 percent to 2.15 trillion yen from 2.86 trillion yen. The quarter includes the year’s peak shopping season and is usually a big one for its core electronics division, which generates over half of its total revenues with well-known products like Bravia TVs, Cyber-shot digital cameras and Vaio computers.

[…] its usually dependable electronics division posted its first-ever operating loss in the fiscal third quarter. It also reiterated its forecast for a net loss of 150 billion yen ($1.67 billion) for the full fiscal year through March — its first loss in 14 years.

The Japanese giant blames the poor economic conditions, but Chief Executive Howard Stringer should re-consider Sony’s strategy to bring it back to a leading position, as things have not been rosy for Sony lately:

The economic downturn is not helping Sony’s strategic bets on PS3, Vaio or Blue-ray. Still a change is required, or Sony will end up entertaining the future only with their movies.