Sony Posts Loss
Sony Corp. Friday announced that it lost $289 million in the most recent quarter, a better-than-expected performance. According to the AP, the company upped its forecast for next year, predicting that it will lose around $1 billion, compared with the previous forecast of $1.3 billion.
The company's revenues were boasted by strength in sales of the PS3, as well as a spike in sales of albums by Michael Jackson following the singer's death, on top of continued cost-cutting. However, the company was hurt by intense competition in the TV business, as well as its lack of a major hit product.