Sony posts loss, but has rosy outlook for electronics division
The electronics giant says digital cameras and flat-panel TVs should buoy its profits in the coming year.
Weighed down by its financial unit, Sony posted a $45 million loss for its fourth quarter earnings Wednesday.
Analysts were expecting an average estimated profit of $260 million for the quarter.
Revenue for Sony's video game unit, which competes head-to-head with Microsoft's Xbox 360 and the Nintendo Wii, grew by 26 percent in the past year based on better sales of the PlayStation 3 console.
Still, the bright point of the company's quarterly report was its electronics business. Revenue was up 9 percent due to increased sales of its digital cameras, video cameras, and notebook PCs.
The TV unit struggled though, and in April the company announced. But Sony has higher hopes for this year. It said it plans to sell 17 million flat panel TVs in the next year, an ambitious goal. To do so, it will continue selling entry-level models, a practice it began last summer at Target and Wal-Mart.