Sony has recently reported their disappointing financials, which saw a steep loss for the electronics maker. Looking forward, the company projects that it will once again lose money in the coming year, for the sixth time in the last seven.
Sony will see restructuring measures in the year to come, and will see a net loss for the year as a result. According to Sony’s CFO Kenichiro Yoshida, they’re “biting the bullet” in 14/15. Instead of trying to turn the ship around on a number of their unprofitable businesses, Sony will cut them all together. A move that many investors believe is the right course of action, perhaps one that should’ve happened sooner.
Sony projects that they will lose nearly half a billion dollars in the coming year. Former head of the PlayStation division, Kazuo Hirai has been at the helm for Sony for two years now. He hasn’t been quite able to push the company back into the black, as he had promised.
On the brightside, Sony is selling PlayStation 4 consoles by the boatload. The company’s PlayStation business is one of the bright spots of their most recent earnings, confirming that PS4 sales had topped seven million consoles back on April 6th — a number that is likely higher with another month on the books. Sony projects that they will sell 17 million PlayStation 4 consoles by year’s end. Unfortunately, despite leading the pack in next-gen sales, Sony’s gaming division is losing money as well. Sony reported that they lost nearly $80 million on gaming for the year ending in March ’14. The company attributed costs associated with launching the PS4 and a $60 million write-off for Sony Online Entertainment.
The PlayStation brand is just a drop in the bucket for Sony’s overall portfolio, however. The company who has their hands in the making of gaming devices like the PlayStation line, cameras, televisions, computers, insurance, and a number of different money making (or losing) ventures.