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Sony 3rd-quarter profits may fall 50% because of PS3

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Posted by Lunabean on January 29, 2007 11:33 AM
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Bloomberg.com is today reporting that Sony Corp. is expected to announce its third-quarter profit fell 50 percent due to the Playstation 3 losing an unexpected amount of market share to the Nintendo Wii.

Mitsushige Akino, who works for Ichiyoshi Investment Management Co. states that a third-quarter loss in Sony's games division was expected, however any losses beyond that 50% mark would be surprising. For this reason Akino doesn't suggest people invest in Sony stoc, "until the company improves its earnings."

It is estimated that Sony will lose a record 191.9 billion yen from the games division this fiscal year. Last year games brought Sony a 8.7 billion yen profit.

On the flip side, Nintendo reported last week its latest quarter profit increased by 40 percent to 77.6 billion yen. As always, this was helped by steady Nintendo DS sales. Of course, the fact the Wii is selling 2 to 1 to the PS3 is helping, too.

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