Sony bleeds money despite big cuts

Beleaguered Japanese giant Sony has turned in a net loss and blamed it on people not buying its stuff and on the strength of the yen.

The company made a loss of $390.6 million for its financial quarter that ended in June, contrasting sharply with a net profit of around $380 million* for the same quarter last year.

There are more losses en route, said Sony in a statement.

Only its movie business made money in the quarter. Chief Financial Officer Nobuyuki Oneda cautioned against any optimism in the near future – he said the outlook wasn’t at all brilliant. Its LCD business is doing reasonably well.

Sony is undergoing a massive restructuring, with 16,000 jobs on the line. Its CEO, Howard Stringer, faces tough questions from Sony shareholders as the outlook remains rather bleak.

The cuts it has already made failed to stem the tide of red ink washing over the firm’s books.

* Apologies for the original typo that substituted a “b” for an “m”.