Sony reported their financial results for the third quarter of their ongoing fiscal year this week. As a whole, Sony incurred an operating loss of $1.1 billion, and a net loss of $2.1 billion.

 

Losses were attributed to factors such as the PlayStation 3 price-drop in August 2011, when Sony dropped the price of the system to $250, 250 euros and 25,000 yen.

 

On a positive note, the price drop helped the company sell 6.5 million PlayStation 3 systems in the third quarter.

 

Other factors cited included floods in Thailand, unfavourable exchange rates, deterioration of market conditions in developed countries, as well as a decrease in sales of LCD TVs.

 

This week, the company also announced that Kazuo Hirai has been appointed the new president and CEO of Sony, taking over from Sir Howard Stringer, who is now the Chairman of the company’s board of directors. Hirai was previously the CEO of Sony Computer Entertainment, the company’s consumer products division.

Ishaan Sahdev
Ishaan specializes in game design/sales analysis. He's the former managing editor of Siliconera and a contributing writer at GamesIndustry.biz. He also used to moonlight as a professional manga editor. These days, his day job has nothing to do with games, but the two inform each other nonetheless.

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