Sony Delivers on Bleak Expectations
Sony posted a 90 percent fall in quarterly profit as the global slowdown boosted the yen, battered stocks and stoked price competition, and the company kept its annual profit outlook of a 58 percent decline. The steep profit slide was expected after the electronics and entertainment conglomerate last week cut its annual operating profit forecast by 57 percent, citing yen strength, slowing digital camera and flat TV demand, and tumbling share prices.
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Sony Delivers on Bleak Expectations
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