Sony 1Q12 operating profit for period ended 30 June came in 77 percent lower on a y/y basis to JPY 6.28 b (USD 80.27 m) vs exp of JPY 17.6 b. The massive declined was mainly due to slowing economy lowering the demand for TV sets and other devices. It also faced intense competition from other firms which also was a factor for the earnings this period.
The co. was forced to cut its forecast for FY12-12 to JOY 130 b vs estimates of JPY 139 b. The co. stated that lower demand means it expects to sell around 12.5 m TV sets this year. (CNBC)