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Serious slump in Sony sales

Profits drop of 98 percent for electronics giant

Japanese giant Sony has been hard hit by sluggish demand for its core products, including electronics, movies, games and music, as it announced a drop in profits of a massive 98 percent yesterday.

Its biggest problems lie with its main electronics product line, with sales of TV and audio equipment falling fast and the price of goods such as digital cameras and camcorders coming down by as much as 10 percent in the last year.

Sales of PS2 consoles and games were also down, which will have a serious impact on the company as these have offered an earnings boost recently.

Sony says it is concentrating on new releases for the third quarter, but the success of such a strategy depends heavily on an upturn in the market for this period, according to analysts.

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