Sony has announced its financial results for the first quarter of its fiscal year.
The iconic electronics brand has struggled with weak consumer demand for its TVs and other electronic devices, fighting off rising competition from overseas. In a bid to stem its sliding position in the market, Sony has attempted to streamline its operations.
However, this shake-up has been reflected in the numbers, no doubt much to widespread shareholder dismay.
On sales of $19.2 billion, the company managed to lose $312 million. Sales have marginally increased year-on-year by 1.4 percent -- attributed in the report to Sony Mobile -- but restructuring costs set back the firm $143 million.
In the three months leading up to June 30, Sony posted a 77 percent fall in operating profit to 6.28 billion yen ($79 million) from a year earlier at 21.2 billion yen ($270 million).
Due to the high value of the yen, Sony has slashed its operating profit forecast for the coming fiscal year to 130 billion yen ($1.66 billion) from a previous prediction of 180 billion yen ($2.29 billion).
Net loss results which are attributable to the company's stockholders -- excluding net income attributable to "noncontrolling interests" -- has deteriorated 9.1 billion yen year-on-year to 24.6 billion yen ($312 million).
Sony stated that it plans to "implement various measures to help turn the television business, which is one of the key to revitalizing our electronics business." Currently, the most profitable areas of the company are its imaging, music and electronic component aspects. Top-end camera manufacture is doing particularly well, resulting in a profit margin of $160 million.