Sony profits fall 95 percent

Sony blamed the global economic slowdown, increased competition and an appreciating yen for a 95 percent drop in third-quarter profits, as the company announced its results Thursday.

Profits for the quarter, which ended December 31, fell from nearly 200 billion yen ($2.2 billion) in 2007 to about 10 billion yen ($110 million) in 2008.

Across the company, sales were down 25 percent, but electronics and games sales were especially hard hit.

(ARTICLE CONTINUES BELOW)

Sales of games, including the company’s popular PlayStation series, fell 32 percent over the year. Sales of electronics decreased by nearly 30 percent.

Full article here