Posting a record loss of $5.7B for the fiscal year ended March 31, Sony today reported a quarterly loss of $3.2B. However, the company also expects a return to profit, predicting that net income for the fiscal year to end March 2013 could be about $376M. Still, that figure lags behind what a group of Bloomberg analysts had estimated. Under new CEO Kazuo Hirai, the company will slash 10,000 jobs as it trims costs to help turn around its flagging TV unit. Sony Pictures Entertainment sales increased 18% benefitting from the sale of a participation interest in Spider-Man merchandising rights and higher pay TV and VOD sales. Operating income at SPE decreased to $416M primarily due to combined gains in the previous fiscal year from the acquisition of a controlling interest in GSN and the sale of SPE’s interest in HBO Latin America. Sony also noted the strong theatrical performance of The Smurfs and Bad Teacher, offset by the underperformance of Arthur Christmas.


For the sake of all those jobs I hope Kaz and Sony can turn it around but the last few days can’t have made nice reading for Sony shareholders and employees alike when the stock price fell under $15 a share.
I can’t help but feel that there is a much larger story behind Sony selling off their chunk of Spiderman merchandising rights back to Disney but no one seems interested (or willing) in poking that sleeping bear.
Agree on the Spiderman merchandising rights comment. You’d never sell those to Disney unless you were DESPERATE for money or thought you would eventually LOSE THE SPIDERMAN FILM RIGHTS. That’s a story. Once Marvel gets Spiderman and X-men back, they will be a monster of a company.
Don’t be surprised if Sony dumps the Studio in Culver City soon…
They may have to unload the Studio as they desperately need cash and really should focus on their original and core business, electronics. Sony products used to be what Apple is now. I don’t know how they can turn this company around, but they need to do something drastic soon before they pass the point of no return.
Worked at Sony Pictures Home Entertainment… the worst experience in my career. A bunch of idiots and wannabes run the company. As long as they don’t clean out the rubbish in upper management the company is doomed. Over and out.