Despite losing money on the back of lower sales during its fiscal second quarter, Sony said business was better than expected and has cut full-year loss forecasts as a result.
Sales during the quarter, the period from July to September, were down 20 percent on the same period last year at ¥1.7 trillion ($18 billion) and net losses were ¥26 billion, it said Friday. Last year during the same period it recorded a net profit of ¥21 billion.
Sales were down due to the global recession, which started during the October to December quarter last year. The drop into losses was blamed on restructuring charges, poor results at Sony Ericsson Mobile Communications and other affiliates and the strong Japanese yen.
As a result of the better-than-expected second quarter Sony has cut its estimate of the amount of money it expects to lose this year. Sony now expects full-year losses to hit ¥95 billion, down from its July forecast of ¥120 billion. It left its sales forecast of ¥7.3 trillion unchanged.