Sony's Q3 earnings are in: wider than expected full year loss, lowered sales projections

With the news of Kazuo Hirai taking over Howard Stringer as CEO of Sony out of the way, the company has released it's Q3 earnings. Sony is now expecting a bigger loss for 2011 then it had previously estimated as well as lower sales. Currently net loss for the quarter is at $2 billion, blame is put on the Thailand flood that Fujitsu blamed and weakness in cellphones. Sales for the quarter were about $23 billion down 17.4 percent from last quarter. The consumer products and services division (HDTVs, PS3s, etc.) took a giant blow with an operating loss of over $1 billion on sales that dropped 24 percent. The company recorded a loss on its sale of shares in the S-LCD venture with Samsung, and lastly LCD TVs sold for prices lower than its cost reductions, and the PlayStation 3 had a great combo of higher marketing costs and lower unit sales.