Once again Sony posted losses in the third quarter of its financial year 2012 due to the falling demand of its products. The company did benefit from a weak Yen. The demand for consoles, PCs, cameras and LCD TVs fell compared to the same quarter a year ago.
Specifically sales of TVs, consoles and cameras of the company went down. Despite the fact that the electronics giant sold fewer products, it saw an increase in revenue caused by a weak Yen. Sony also lowered the expectations for the fourth quarter of 2012 because the company expects to sell fewer products again. Meanwhile the company expects that its TV division will finally become profitable again in the next couple of years.
Compared to the same quarter a year earlier Sony made a considerably smaller loss. In the third quarter of 2011 the company posted a loss of $2 billion due to the floods in Thailand, losses from joint ventures and a strong Yen. In the last quarter the company made a loss of $100 million. By selling an office in New York for $600 million the company expects to make a profit of $115 million over its full fiscal year 2012.
Like other Japanese electronic giants like Panasonic and Sharp, Sony is suffering from poor financial results. Sharp is known to be in trouble and has openly stated it might not survive. All three companies announced company restructuring programs which caused a lot of its employees to lose their jobs. Also Panasonic is planning to sell real estate. Sony is reportedly planning to sell, besides the New York office, also an office in Tokyo.