Apr 28, 6:54 AM EDT

Sony Corp. says it posted an 88.4 billion yen ($818 million) loss in January-March, a smaller flow of red ink than a year earlier


AP Photo
AP Photo/Eugene Hoshiko

Multimedia
Archery on horseback still draws crowd
Ainu Rebels reclaim cultural pride
Japanese defend whaling tradition
Japan deals with 'Minimata Disease'
Latest News
The Philippine defense chief says his government has agreed in principle to lease five Japanese surveillance planes to be used in patrolling disputed areas of the South China Sea and in search-and-rescue missions during disasters

Japan's foreign minister has announced a $7 billion initiative to promote development in the Mekong region, which encompasses parts of Vietnam, Laos and Thailand through which the river flows

China has laid out firm conditions for improved ties with Japan, telling Tokyo's visiting foreign minister that there could be "no ambiguity or vacillation" in meeting Beijing's demands over historical interpretation and other key matters

Sony Corp. says it posted an 88.4 billion yen ($818 million) loss in January-March, a smaller flow of red ink than a year earlier

A chief architect of an "ice wall" being built into the ground around the broken Fukushima nuclear plant defends the project but acknowledges it won't be watertight, and as much as 50 tons of radiated water will still accumulate each day

TOKYO (AP) -- Sony Corp. reported an 88.4 billion yen ($818 million) loss in January-March, a smaller flow of red ink than a year earlier, but it postponed Thursday giving its annual outlook until May, citing damage from major earthquakes in southwestern Japan earlier this month.

The quakes shut down Sony Semiconductor Manufacturing Corp.'s Kumamoto Technology Center, which makes image sensors and other devices.

Quarterly sales for the Japanese electronics and entertainment company slipped nearly 6 percent from a year earlier to 1.8 trillion yen ($16.9 billion). The company racked up a 106.8 billion yen loss in the same period a year earlier.

For the fiscal year ended March 31, Sony posted a 147.8 billion yen ($1.4 billion) profit, a reversal from 126 billion yen in losses the year before. It was the first time in three years Sony was able to post a profit.

For the quarter ended March 31, Sony's operations in mobile communications and devices lagged, while games, movies and imaging operations fared better.

Sony's Xperia mobile phones have struggled in a market dominated by Apple Inc.'s iPhone and Samsung's Galaxy phones.

Tokyo-based Sony, once a symbol of Japan's corporate prowess with its pioneering music-on-the-move Walkman, is sunk in deep trouble.

It has been trying to reshape its business to focus on profitable operations and selling some assets, such as its Vaio personal computer business. Its TV business lost money for a decade due to the shift to flat panel sets.

Sony has been moving aggressively into high-end video cameras and SLR, or single-lens reflex, cameras, charging less than Japanese rivals Nikon and Canon.

In its movies division, it lacked the previous year's home entertainment income from "The Amazing Spider-Man 2," but TV production sales did better because of video-on-demand licensing revenue for "Breaking Bad," ''The Blacklist" and "Better Caul Saul," according to Sony.

Among Sony's popular music recordings released for the fiscal year ended March 2016 were by Adele, One Direction and David Bowie, it said.

---

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.