Sony In The Red, PlayStation 2 & New Accounting Rules Are Factors
On Wednesday, July 27, 2000, Sony Corp. announced it fell into the red in the first quarter ended June 30, 2000 as one-off charges from a change in U.S. accounting rules eroded profits. The electronics and entertainment company posted a group net loss of ¥88.26 billion (US$808.2 million) in the quarter, versus an ¥18.43 billion ($168.8 million) profit a year prior. Sony had ¥101.65 billion ($930.8 million) in extraordinary losses from film advertising costs and canceled projects development expenses in the first quarter of this year due to new U.S.