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Sony 1Q Loss Smaller Than Expected

TOKYO: Sony Corp. today posted a $390 million for its first fiscal quarter of 2010 on revenues of nearly $17 billion. The loss was said to be less than analysts expected. The global recession pressured all divisions of Sony.

Revenues for the business-to-business and disc manufacturing division revenues fell 28.4 percent to 99.1 billion yen, or US$1 billion, yielding a net loss of 12.4 billion yen or $129 million.

Consumer revenues dropped 27 percent to 773.4 billion yen or $8.1 billion. Operating loss totaled 2 billion yen or $20 million. Networked products and services, which includes PlayStation products, had revenues of 246.8 billion yen or $2.6 billion, with an operating loss of 39.7 billion yen or $414 million.

Sony Pictures posted an operating profit of $19 million in the first quarter, on revenues of $1.8 billion.

For its full fiscal year ending March 31, 2010, Sony is forecasting a net loss of up to 120 billion yen, exceeding last year’s record figure. However, the company’s chief financial officer said that a goal had been set within Sony to break even in fiscal 2010.

American Deposit Receipts of Sony (NYSE: SNE) rose from around $25 yesterday to more than $27 today on unrelated manufacturing news.