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SONY’S MOVIE GAINS CAN’T OFFSET ELECTRONICS LOSSES

September 17, 2014 by · Leave a Comment 

Sony saw big gains in its film division during its last quarter, a jump of 111 percent from the same quarter a year ago to $76 million from $36 million in 2013. Profits in its games division, led by strong sales for its PlayStation 4, also soared to $261 million. But it was all for naught, given continued disappointing sales in its legacy electronics business — particularly poor sales for its smartphones. Sales of its TV sets and computers also remained dismal, resulting in Sony’s decision to raise its expected losses for its fiscal year, ending March 2015, to $2.15 billion from a previously estimated $488 million. Sony also said that it is canceling its dividend payment to shareholders, the first time it has done so since it went public in 1958. At a news conference Sony chief Kaz Hirai expressed his "deep regret to shareholders" and assured them that "as president, I take this very seriously."