Post by andrew8798 on Jan 18, 2013 15:32:24 GMT -5
Sony was once a dominant force in electronics – perhaps the dominant force – but these days, Sony has been stuck in financial decline. The company hasn’t turned a profit since 2008, and has been struggling through quarter after quarter of losses ever since.
But things may be looking up for Sony, as signs point to a corporation with improving health. With the recent report out of New York that Sony will sell its American headquarters, it may seem like another dire sign. But it isn’t. The Street points out that Sony will rent out space in the building it’s selling all the while gaining “$770 million in net cash out of the deal, of which $685 million will go down as operating income which should help them attain a profitable third quarter later this year.”
We've noted that Sony expects that profit to be somewhere in the range of $223 million when fiscal year results are revealed in March.
Meanwhile, the AP reports that Sony CEO Kaz Hirai – bred in Sony’s successful PlayStation department and one of the major forces behind PlayStation’s success -- is “upbeat” about Sony’s future while admitting that there are still issues to deal with.
“I’m shepherding several… projects personally myself to make sure that [they] don’t get held up in the bureaucracy, or [they don’t] suddenly fade away in the approval process,” Hirai is quoted as saying, later noting that Sony “need to be a lot faster in decision making. We need to be a lot faster in execution. We need to be passionate about our product. Are we perfect? No. But I think we’ve improved significantly.”
But things may be looking up for Sony, as signs point to a corporation with improving health. With the recent report out of New York that Sony will sell its American headquarters, it may seem like another dire sign. But it isn’t. The Street points out that Sony will rent out space in the building it’s selling all the while gaining “$770 million in net cash out of the deal, of which $685 million will go down as operating income which should help them attain a profitable third quarter later this year.”
We've noted that Sony expects that profit to be somewhere in the range of $223 million when fiscal year results are revealed in March.
Meanwhile, the AP reports that Sony CEO Kaz Hirai – bred in Sony’s successful PlayStation department and one of the major forces behind PlayStation’s success -- is “upbeat” about Sony’s future while admitting that there are still issues to deal with.
“I’m shepherding several… projects personally myself to make sure that [they] don’t get held up in the bureaucracy, or [they don’t] suddenly fade away in the approval process,” Hirai is quoted as saying, later noting that Sony “need
www.ign.com/articles/2013/01/18/sony-expected-to-turn-first-profit-since-2008
