Sony Posts Huge Loss

 

Hot on the heels of news that Nintendo would post losses nearing $1 billion, Sony has announced that it lost about $1.5 billion in the last fiscal quarter. "Categories contributing to the deterioration in operating results... include LCD televisions, reflecting a decline in unit selling prices that exceeded cost and expense reductions, and the game business, reflecting higher marketing costs to promote network service platforms and lower sales of PlayStation 3 hardware due to a strategic price reduction," the company said in an evaluative statement. This is, of course, very bad news for Sony, and losses are expected to pile up further after disappointing early sales of the PlayStation Vita.