Sony profit tumbles 47.4%, slashes full-year forecast

[MoneyGuy]

HONG KONG (MarketWatch) -- Sony Corp. Tuesday reported a 47.4% tumble in fiscal first-quarter profit on sluggish sales for electronics and weak performance of its affiliates such as Sony Ericsson, even as its games division turned in an operating profit. Quarterly net income fell to 35 billion yen ($327 million) from 66.5 billion yen in the same period a year earlier. Sales were flat at 1.98 trillion yen. The Japanese electronics giant slashed its net income forecast for the year ending March 31, 2009, to 240 billion yen, 17% lower than the company's May forecast of 290 billion yen. The company expects full-year sales of 9.2 trillion yen, 2% higher than it projected in May.

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