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Sony's profits drop drastically this quarter, 'Spider-Man 4' needed badly

Joshua Topolsky
July 29, 2008
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According to Sony's latest earnings report, the company's profits have dipped to almost half of what they were at this time last year. Analysts are citing a strengthened yen, the lack of a major Hollywood blockbuster like Spider-Man 3, and continuing issues with its mobile phone arm as core reasons for the slide. It's no surprise that the company is taking a hit, especially after the outrageously poor performance of Sony Ericsson, though the numbers reveal that even improved sales of the PS3 this quarter can't sustain losses from core businesses like Sony BMG and fluctuating currency rates. Looks like the champagne will have to stay in the fridge this quarter.

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