Annual losses for Sony, makes money through cost-cutting
Y'know Sony right? Make irritating gadgets that need cables with daft adapters on the end that are by no means universal... that company that irritated George Michael so much that he was prompted to continually slag them off in one of his promotional videos (complete with 'Fony' headphones).
Well they're losing money. The Japanese electronics behemoth has reported a loss of 40.8bn yen ($437m; £294m) for the year to the end of March. While that sounds bad, this is less than half the money it lost in the previous year.
So how have they made money? Apparently, it was largely down to heavy cost cutting. However, the company is pretty confident that the tide is turning as they expect to drag themselves out of the shit when they really gun for selling 3D televisions and games to us some more.
"There wasn't a big surprise but one worrisome thing is that the forecast figures were below expectations," said Seiichiro Iwamoto at Mizuho Asset Management in Tokyo.