Sony's report card for the third quarter of its current fiscal year reveals that the Japanese consumer electronics and console gaming giant was able to trim losses year-on-year. For the three month period ended December 31st 2012, Sony reported a ¥10.7 billion ($115 million USD) loss, a signifigant improvement from the ¥158 billion loss it was hit with just a year earlier.
A weakening Japanese yen is boosting the value of overseas sales which obviously remain a major part of busineses like Sony and Nintendo. This has been an enormous boon for Sony in particular as it was able to report a nearly 7 percent increase in quarterly revenue thanks to the weaker yen in spite of declining sales of various consumer electronics.
Sony is looking forward to reaping the benefits of the yen's depreciating value against the US dollar in the coming months, confirming that it is maintaining course for full-year profits of ¥20 billion ($214 million USD) and ¥6.6 tillion ($70.6 billion USD) in annual sales.
On the other hand, the electronics and console giant has reduced its full-year sales forecasts for many of its products including televisions and game hardware. Sony has slashed its hardware sales estimate for PlayStation Portable and PlayStation Vita handheld consoles from 10 million to 7 million units ahead of its full-year financial report due the end of this March. Recall that Sony had already lowered hardware sales forecasts for both handhelds back in November. The company meanwhile continues to brace for an 11 percent decline in PlayStation console hardware sales to 16 million units.
According to Sony, the path to profitability will lie in growing its mobile phones, tablets, cameras and of course gaming businesses. The company is promising big PlayStation news later this February 20th, so stayed tuned for what Sony has in store for the future!