Sony has announced its financial results for the first quarter of its fiscal year, and as expected for a company in transition they don't make for pleasant reading — it managed to lose $312 million off sales of $19.2 billion. Sony actually increased its sales year-on-year by 1.4 percent, attributed to the consolidation of Sony Mobile, but $143 million in restructuring costs caused operating income to slide from $270 million to $79 million. Together with the high yen and unstable situation in Europe, the company has downgraded its operating profit forecast for the year from $2.29 billion to $1.66 billion.

The company's few profitable areas right now are its imaging, components, and music businesses, while the gaming, home entertainment, and mobile divisions are all making losses. The games division in particular was disappointing, with sales falling 14.5 percent and the PS Vita not doing much to stop the business slip into the red. However, despite a decline in sales the TV business is actually bleeding less money than this time last year, possibly due to efforts Sony is making to streamline the category. The imaging division, too, is one of the company's recent success stories with high-end cameras contributing to profits of $160 million. The company claims it is "proceeding steadily with efforts to transform our business structure," but shareholders will no doubt have to be patient.