Tokyo: Sony says its net profit plunged 86 percent in the last quarter from a year earlier, as its profitability was hammered by a strong yen and lagging smartphone sales.
The Japanese electronics and entertainment giant reported a 4.8 billion yen ($45.8 million) net profit in July-September. Net profit was 33.6 billion yen in the same period a year earlier.
The company said Tuesday that sales dropped nearly 11 per cent to 1.69 trillion yen ($16.1 billion) in the last quarter, down from 1.89 trillion yen a year earlier.
A strong yen hurts earnings of Japanese exporters when translated into yen.
On Monday, Sony announced it expects a larger loss than earlier anticipated in connection with the 17.5 billion yen ($167 million) sale of its battery business to the Murata Group.
