Sony: biggest loss in 4 years caused by PS3
Sony Corporation has reported its biggest loss in the last four years. The net loss of Sony totaled 67.6 billion yen ($562 million) in the three months ended March 31st.
The cause: Sony PlayStation 3.
Rumours say that Sony is selling its new generation gaming console at a price much under the costs of production. This, and the recall of over 9 million notebook batteries, has cost Sony more than its yearly profit.
But hope is not lost for the Japanese giant: Sony expects sales growth of 5.8% and a profit of $3.7 billion by the end of March 2008.