Japanese electronics giant Sony has reported a quarterly loss of $290m, hit by weak demand for televisions, cameras and other electronic goods. But the company upgraded its outlook for the rest of the year.
Sony recorded a smaller than expected net loss of 26.3 billion yen for its financial second quarter to the end of September, swinging into the red after a 20.8 billion yen profit a year earlier. Revenue declined by almost 20% from the same period last year.
The maker of Bravia televisions, PlayStation game consoles and Cyber-shot cameras maintained its forecast for its first back-to-back annual losses since it was listed on the stock market in 1958.
But it narrowed its loss forecast for the year to 95 billion yen from a previous projection of 120 billion.
Sony chief executive Howard Stringer is slashing 16,000 jobs and axing about 10% of the group's manufacturing plants in a bid to return to profit.
The company has had a difficult few years in the face of tough competition from rival products such as Apple's iPod and Nintendo's Wii. In May Sony announced its first annual loss in 14 years.
Meanwhile, Samsung has announced a record quarterly net profit as demand for its flat-panel televisions, mobile phones and chips rose in an improving global economy.
South Korea’s biggest company said net profit more than tripled in the third quarter to 3.72 trillion won ($3.13 billion), from 1.22 trillion won in the same period last year.
Sales on a parent-level basis rose 29% year-on-year to 24.86 trillion won from 19.26 trillion a year earlier, while operating profit rose to 2.767 trillion from 1.023 trillion.
Samsung is the world's biggest maker of computer memory chips and flat-screen televisions, and the second largest mobile phone manufacturer behind Finland's Nokia.
Elsewhere, Japanese’s returned to profit in the second quarter to September and upgraded its outlook for the full fiscal year.
Panasonic posted a net profit of 6.1 billion yen ($67 million) in the July-September quarter and an operating profit of 49.1 billion yen, in a sign it is emerging from the economic downturn.
Although it returned to profit, the figures were far below those for the same period last year when Panasonic booked a net profit of 55.5 billion yen and an operating profit of 118.6 billion yen.
For the six months to September 2009, Japan's biggest supplier of home appliances still logged a net loss of 46.9 billion yen, from a year-earlier profit of 128.5 billion yen.
