Sony stung by $1.1bn loss

The Consumer Products & Services division of Sony, which houses amongst other things its PlayStation business, has reported a $1.1 billion loss for three months ending December 31st 2011.

Overall, Sony reported revenues of $23 billion for the quarter (down 17.4 per cent).

Amongst other things, the increased costs of network service promotions and the PS3 price cut were said to be key factors in the numbers. Unfavourable exchange rates and poor sales of LCD TVs were also named as culprits.

MCV has more details