“I recognize we aren’t in the situation that our profits in the home (product business) will grow significantly” in the October-December quarter, Sony President Kunitake Ando said at a round-table meeting with the press.
Also, the Japanese electronics and entertainment giant’s profits in the business have been under pressure due to a rapid shift in the television market from bulky cathode ray tubes to flat-panel displays, he said.
Sony earns most of its profits from electronics during the fiscal third quarter ending December 31, which includes the crucial year-end shopping season.
For the time being, Sony will continue to see its profits in the home product business underperform those in the “mobile” business, Ando said. He didn’t give any numerical estimates.
Sony’s home products are led by televisions, digital videodisc recorders and audio equipment, while its mobile products include camcorders, digital cameras and portable music players.
Shares of the company were at $35.09 early Thursday afternoon, down 14 cents, or 0.4 percent, on the New York Stock Exchange.
Source: Associated Press