Sony's profits for the fiscal year ending March 31 have fallen 68% over last year, from $1.88 billion to $596.8 million, according to financial statements released by the company this morning.
In the reports, Sony blamed the losses primarily on two major factors: large losses taken at retail on every PlayStation 3 sold, and the recall of nearly 10 million laptop PC batteries.
Sony still has a positive outlook, however: its forecast for the current fiscal year called for profits of $3.66 billion, to be achieved by building its LCD television business and cutting PS3 production costs. We'll see how that goes.
Sony Posts Major Financial Year Losses [Next-Gen]
