Sony Corp. has reported its fiscal first quarter results, as the electronics giant took a larger loss in the first three months of its fiscal year. Sony reported a Q1 loss of $312 million (compared to $200 million a year ago), while operating profit was down 70 percent. The declines were attributed to restructuring charges and foreign exchange rates, along with a decline in Sony's mobile division. However, Sony's overall revenue grew by 1.4 percent to $19.18 billion.
As for Sony Music, it reported a 9.8 percent declined in revenue and a 39.8 percent drop in its operating profits. According to Sony, the decrease in sales was "primarily due to the continued worldwide contraction of the physical music market and a larger number of key releases in Japan during the same quarter of the previous fiscal year." Sony Music's best-selling titles during the quarter included One Directionís Up All Night and Up All Night - The Live Tour DVD, Carrie Underwoodís Blown Away and Usherís Looking 4 Myself.
Sony has also scaled back its full-year projections, expected profit for the entire fiscal year to reach $255 million (or approximately 20 billion yen), when its original projection was 30 billion yen.