Sony Corporation today announced its financial results for the third quarter ended December 31, 2008. The Japanese conglomerate posted a 95 percent decline in profits, with year-on-year sales falling 32.2 percent during the quarter. Sony is blaming the slowdown of the global economy and the appreciation of the yen as the causes of these bad financials.
The Game Division said overall hardware sales decreased as a result of the appreciation of the yen against the U.S. dollar and euro, in addition to a decrease in unit sales of all its video game systems. Despite an increase in PS3 software sales, overall software sales decreased as a result of a decline in PS2 and PSP game sales.
