Sony Corp. (NYSE: SNE) Sales Decline
Thursday, May 26, 2022 11:00 AM

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Sony Corp. (NYSE: SNE) reported that fiscal 2011 sales were $86.5 billion,  or 7,181.3 billion yen, a decrease of 0.5 percent compared with the previous fiscal year, primarily due to a decrease in sales in all segments except the consumer, professional and devices, and networked products and services segments. Sony has been hit hard by the natural disasters in Japan and internet security breaches on its on-line gaming services.

Other yearly financial highlights are:

  • Operating income increased 168.0 billion yen year-on-year to 199.8 billion yen ($2.4 billion U.S. dollars) despite a large unfavorable impact of foreign exchange rates;
  • Operating income on an as adjusted basis increased 39.4 billion yen to 252.8 billion yen ($3 billion U.S.) on year-on-year basis;
  • Equity in net income of affiliated companies, recorded within operating income, was 14.1 billion yen ($169 million U.S.) compared with equity in net loss of 30.2 billion yen in the previous fiscal year;
  • Sony recorded equity in net income for Sony Ericsson of 4.2 billion yen ($50 million U.S.) compared with equity in net loss of 34.5 billion yen in the previous fiscal year;
  • The net effect of other income and expenses was income of 5.2 billion yen ($63 million U.S.), an improvement of 10.1 billion yen year-on-year.

Operating performance highlights of various segments are:

Consumer, professional and devices sales increased 1.6 percent year-on-year (a 10 percent increase on a local currency basis) to 3,572.7 billion yen ($43 billion U.S.). Operating income of 2.9 billion yen ($35 million U.S.) was recorded, compared with a loss of 53.2 billion yen in the previous fiscal year.

Networked products and services sales increased 0.4 percent year-on-year to 1,579.3 billion yen ($19 billion U.S.). Operating income of 35.6 billion yen ($429 million U.S.) was recorded in the current fiscal year, compared with a loss of 83.3 billion yen in the previous fiscal year.

Pictures sales decreased 14.9 percent year-on-year (an 8 percent decrease on a U.S. dollar basis) to 600.0 billion yen ($7.2 billion U.S.). Operating income decreased 4.1 billion yen year-on-year to 38.7 billion yen ($466 million U.S.).

Music sales decreased 9.9 percent year-on-year (a 5 percent decrease on a local currency basis) to 470.7 billion yen ($5.7 billion U.S.). Operating income increased 2.4 billion yen year-on-year to 38.9 billion yen ($469 million U.S.).

During the current fiscal year, there was a net cash inflow of 616.2 billion yen ($7.4 billion U.S. dollars), a decrease of 296.7 billion yen, or 32.5 percent year-on-year.

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