Sony reported a smaller-than-expected 26.3 billion yen ($289 million) quarterly loss as cost cuts combined with healthy sales of PlayStation 3 game consoles and Michael Jackson hits helped it inch toward recovery.
The Japanese electronics and entertainment giant has been battered by the global slowdown, sliding prices of gadgets and its failure to produce new blockbuster consumer products. But Tokyo-based Sony Corp. said Friday it now expects a smaller flow of red ink for the full fiscal year through March 2010.
It’s forecasting a 95 billion yen ($1 billion) loss compared with the initial projection for a 120 billion yen ($1.3 billion) loss. The new forecast is marginally better than the 98.9 billion yen loss it suffered the previous fiscal year.
