Electronics giant Sony has released its quarterly financial earnings. Like most corporations operating in this sluggish global economy, Sony sales are down.
According to a report issued by the company, "Game business sales and operating revenue declined 18.0 percent year on year, to ¥1,053.1 billion."
One of the main causes of the hardware sales decrease was the high appreciation of the yen, stated Sony.
Sony, however, did post an operating loss of ¥58.5 billion — an improvement of ¥66.1 billion. The cause of these lower operating losses were hardware cost reductions as well as increased software sales.
"We are all firmly committed to leading Sony with the innovative spirit that is embedded in its DNA," read a written statement from Sony Chairman, CEO and President Howard Stringer. "It is a privilege to fight for a great company like Sony, and with the seriousness of purpose that this management team possesses, I know we can succeed in making Sony greater than ever."