Sony Writes Off $1.5B From Its Mobile Division As It Cuts Smartphone Sales Target Again

TechCrunch

Sony replaced the head of its mobile division yesterday, and today its latest earnings report gave a clearer indication of why. Sony’s mobile unit increased its revenue in the last quarter (its fiscal Q2 2014) by 1.2 percent to $2.83 billion, but the company wrote down the valuation of the business by a whopping $1.59 billion.

That line item contributed to a $1.58 billion loss for Sony Mobile Communications, which weighed down the corporate company’s financial performance. Overall, Sony Group reported a loss of $785 million despite notching a 7.2 percent increase in company-wide revenue, which came in at $17.45 billion.

There were bright points in other parts of the Japanese giant’s business. Sony’s gaming unit saw its revenue jump 83 percent person year-on-year thanks to the introduction of the PlayStation 4; while its devices business — which sells semiconductors and camera lenses to smartphone makers — reported revenue of $271 million, a 187 percent…

View original post 184 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s