Sony's major miss on profit targets


Sony (SNE) held its investor and analyst meeting on November 19th. Tucked among the presentation materials was information about the company's new targets aimed at getting its profits and operating income back to "normal" levels. The problem with the projection is that it is for the fiscal year ending March 31, 2013. Sony only expects a small profit in the 2011 fiscal year, mostly based on sales of its Playstations, TVs and camera hardware.

Sony previously said it would return to "normal" levels of margins in 2011. But reaching that goal has been pushed out by two years. "It's a very realistic plan; there is little flair, but the company has previously set targets it couldn't achieve," said Masaryk Ashing, a Tokyo-based analyst at Mitsubishi UFO Financial Group Inc, according toBloomberg.