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Sony Q1 profit plunges nearly 50%
Year-over-year profits at Tokyo-based consumer electronics giant Sony fell 47% to US$326 million during the first quarter, and company officials predict a further decrease in profits later in the year.
Several factors contributed to the massive drop in Sony profits: lower-than-expected earnings from Sony Ericsson; falling electronics prices; an increase in the value of the yen against the American dollar; and the lack of a blockbuster hit in the company's movie business.
Sales in the first quarter grew by just 0.1% to $18.6 billion. First-quarter operating income fell 39% to $678 million, according to company filings with the Securities and Exchange Commission.
