Sony: Bad Tidings We Bring to You and Your Kin
by John Paczkowski
Posted on November 16, 2009 at 9:29 AM PT
Reporting disappointing second-quarter earnings a few weeks back, Sony warned that the Christmas shopping period would likely be a weak one. “We are quite cautious in foreseeing end-of-year sales,” Sony CFO Nobuyuki Oneda said at the time. “In the first quarter and second quarter there was an upside in sales, but the critical moment is the Christmas season and we are not too optimistic.”
With the consumer electronic industry still languishing, Sony (SNE) has little reason to be optimistic. In an interview with Italian business daily Il Sole 24 Ore, CEO Howard Stringer said he’s seen little sign of a recovery in Sony’s business. “From my viewpoint, that of Sony and its consumer electronics products the picture for the time being has not improved very much,” Stringer said. “There hasn’t been that turning point that many had hoped for. We are waiting for a signal that hasn’t arrived.”
