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Panasonic, Sony hit by competitive electronics market

Sony has been particularly badly hit as it tries to catch up with rivals in the smartphone market
Sony has been particularly badly hit as it tries to catch up with rivals in the smartphone market

Results from Japanese firms Sony and Panasonic have shown both continuing to struggle in the competitive electronics market.

Sony has said its net loss for the April-September period ballooned to nearly $1bn, as the embattled electronics firm continues to struggle in the tough smartphone business.

The firm said its net loss came in at 109.1 billion yen, way up from a loss of 16.5 billion yen in the same period last year.

Sony's operating loss of 15.8 billion yen reversed a profit of 49.4 billion last year, although sales ticked up 6.5% to 3.71 trillion yen.

Meanwhile Panasonic said its net profit plunged 52.2% to 80.9 billion yen ($729m) for the six months to September, but it lifted its full-year forecast partially due to strong solar panel sales.

The Osaka-based company raised its full-year net profit forecast to 175 billion yen from an earlier estimate of 140 billion yen for the fiscal year to next March.