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