Sony PS3 Costs Hurt Annual Results May 17, 2007

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Sony Corp. announced consolidated results for its fiscal year ended March 31, 2007. Sony reported sales and operating revenue of U.S. $70.303 billion, up 10.5 percent over the previous year. Operating income was $608 million, down 68.3 percent from 2006.

Sony said sales in the Electronics business segment increased 16.9 percent, benefiting from strong sales of LCD TVs, PCs, and digital cameras, while CRT TV sales declined. Sales in the Game business increased 6.1 percent with the launch of the PlayStation3 game console. However, selling the PS3 at a price point below production costs contributed to an operating loss of $1.969 billion for the Game business. 

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