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| Sony cuts quarterly losses amid recovery hopes | Sony cuts quarterly losses amid recovery hopes |
| (35 minutes later) | |
| Signs that Sony's recovery plan may be working came with news that the struggling electronics group has cut its quarterly losses. | Signs that Sony's recovery plan may be working came with news that the struggling electronics group has cut its quarterly losses. |
| Net losses for the October-December period fell to 10.8bn yen ($115m; £73m), from 159bn yen for the quarter in 2011, with sales up 6% to 1.9bn yen. | |
| The maker of the Playstation games console and Bravia televisions has lost money for the past four years. | |
| Sony has faced tough competition, plus a high yen that makes exports dearer. | Sony has faced tough competition, plus a high yen that makes exports dearer. |
| The latest quarterly figures brought total losses in the nine months to end-December to 50.9bn yen, a 75% fall on the previous nine months. Sony made record losses of 557bn yen for the whole of 2011 financial year. | The latest quarterly figures brought total losses in the nine months to end-December to 50.9bn yen, a 75% fall on the previous nine months. Sony made record losses of 557bn yen for the whole of 2011 financial year. |
| The news saw Sony's shares rise 2.5%. | The news saw Sony's shares rise 2.5%. |
| Sony's film division made a profit, thanks to the success of movies such as Skyfall and Hotel Transylvania. The music division also made a profit. However, the TV division made a loss - and has done for several years. | Sony's film division made a profit, thanks to the success of movies such as Skyfall and Hotel Transylvania. The music division also made a profit. However, the TV division made a loss - and has done for several years. |
| 'Wow' products | |
| Sony's statement confirmed a previous forecast that the company should return to profit for the financial year to end-March. | |
| Kazuo Hirai, who took over as president nine months ago, has promised to deliver a new range of "wow" products in order to re-establish Sony as the premier electronics and entertainment company. | Kazuo Hirai, who took over as president nine months ago, has promised to deliver a new range of "wow" products in order to re-establish Sony as the premier electronics and entertainment company. |
| Sony says on the its own website that it "is reinventing itself to deliver new and exciting experiences". New mobile devices, cameras and interconnected gadgetry are in the pipeline. | Sony says on the its own website that it "is reinventing itself to deliver new and exciting experiences". New mobile devices, cameras and interconnected gadgetry are in the pipeline. |
| There is speculation that the company will soon announce its new-generation Playstation 4 console. | There is speculation that the company will soon announce its new-generation Playstation 4 console. |
| Sony's problems have been echoed throughout Japan's electronics industry. Last week, Panasonic and Sharp announced huge losses, and warned of more to come. | |
| Fierce competition from the likes of Samsung, a strong currency - although there are signs the yen in weakening - and strategic mistakes, have undermined the country's global leadership in electronics. | |
| The industry has also been hurt by a Chinese consumer boycott of Japanese brands stemming from a territorial dispute between Beijing and Tokyo. |