Sony has just posted its results for the third quarter of its 2011 fiscal year and as expected, the news is not great. Sony posted an operating loss of $1.2 billion and net loss of $2 billion on revenue of $23.37 billion. Sony placed part of the blame on "the impact of the floods in Thailand, deterioration in market conditions in developed countries, and unfavorable foreign exchange rates," but also pointed out that its decision to sell its stake in a joint LCD venture to Samsung and some tax machinations related to the Sony Ericsson deal also factored in to its report. The $23.37 billion in revenue represented a 17.4 percent decrease year over year.
Sales in consumer products decreased 24 percent year over year, mainly hit by terrible performance from Sony's television division. The decreases weren't limited to consumer products, Sony's Pictures and Sony Music each barely eked out a profit, while Sony Ericsson lost money. Bloomberg notes that Sony's forecast is similarly grim, as it expects a loss of $2.9 billion for the full year through March, a huge increase over the $1.2 billion yearly loss Sony had forecast in November. Sony also cut its forecast for digital camera and PlayStation 3 sales, while its TV forecast remained unchanged.
We'll be listening in to the conference call happening in just a short while and fill you in on any new details we hear — especially from Sony's next CEO, Kazuo Hirai. Sony had forecast a "murky" holiday quarter and these results bear that out, to say the least. What's next for Sony? Unfortunately, it's going to be some time before we have the answer to that question, or the answer to when the company can begin to turn a profit.