Sony posts $1b loss, first in 14 years

Here's the good news: Sony's ¥98.9b ($1.03b) loss is slightly less than the $1.1b the company told us it would lose in January. Sadly, all of the other news is bad, starting with the fact that the company just lost a freaking billion dollars, its first loss in 14 years, and it's predicting a similar $1.1b loss next year. Electronics sales were down 17 percent, the Sony-Ericsson phone partnership is struggling, and game division sales dropped 18 percent primarily due to Sony's continued reliance on falling PS2 sales. As for the PS3, it's actually a dim bright spot: hardware cost reductions and increased game sales slightly stemmed the tide, but Sony's still expecting the division to lose money in the coming year. Sony also says it has "extensive measures" in store to try and turn things around after that, so we're hoping Sir Howard's plans to embrace open formats and listen to consumers are kicking into gear, but we'll see.

Read - Sony financials [Warning: PDF]
Read - Reuters report
Read - MarketWatch