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Sony Earnings Down

SONY SIDE DOWN: Suffering with the rest of Japan from the aftermath of the devastating earthquake and tsunami, Sony reported fiscal year revenue of $86.5 billion, a net loss of $3.1 billion. Sony Music income fell 5% to $5.7 billion, attributed to "the continuing decline in the CD market as well as a difficult comparison with Michael Jackson releases the previous year.” Cost-cutting led to a slight increase in operating income to $469 million, according to press reports. Sony noted revenue for 2011 would increase 6.6% to $92.2 billion and that it forecasts a net income of $983 million. (5/27p)


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