Sony Corp. and Matsushita Electronic Industrial Co. presented starkly different earnings reports Thursday as sales of flat-screen televisions altered the fortunes of the rival consumer electronics makers.
Sony reported a 7.26 billion yen net loss for the three-month period ending in June, forcing it to drastically cut its full-year earnings forecast from 160 billion yen to 30 billion yen.
"With falling prices and a smaller-than-expected volume of sales, the performance of the TV business is expected to worsen," Nobuyuki Oneda, Sony's chief financial officer, told a news conference.