Sony Q1 Operating Profit Down 77 Percent

Electronics brand continues to struggle with weak demand for its TVs

Sony Corp. said first-quarter operating profit slid from a year earlier as the iconic consumer electronics brand continued to struggle with weak demand for its TVs and other devices amid biting competition from foreign rivals.

In the three months to June 30, Sony posted a 77 percent fall in operating profit to 6.28 billion yen, well below the average 17.6 billion yen profit estimated by 5 analysts surveyed by Thomson Reuters.

The three-month performance gives investors their first marker on the performance of Sony's new boss, Kazuo Hirai. He took the helm of the inventor of the Walkman music player in April, vowing to turnaround the struggling company by spurring profit growth from cameras, gaming and mobile devices.

Following a 67 billion yen loss in the previous business year, Sony lowered its full-year operating profit forecast to 130 billion yen compared with a consensus estimate of 139 billion yen of 18 analysts surveyed by Thomson Reuters.