The Japanese electronics giant Sony saw its net profit plummet 95% during the October-December quarter, falling to $115.6 million from $2.21 billion just a year earlier. Revenue also fell, seeing a 25% drop from $31.64 billion to $23.78 billion.
The hardest hit was Sony's usually dependable electronics division, posting its first-ever operating loss of $175.9 million due to poor sales of TVs, digital cameras, mobile phones and computers. Last year, this division saw $2.22 billion in profit.
Chief Financial Officer Nobuyuki Oneda blamed part of the situation on the "sudden deterioration" of the economy. Analyst David Gibson said that Sony suffered from a glutted inventory and that "TVs really dragged them down during the period."