Report: Sony facing massive PS3 losses

Sony is expected to report its quarterly earnings tomorrow, and a group of analysts are bracing for bad numbers, according to a Bloomberg.com report. The financial news site obtained predictions of Sony's quarterly results from 11 industry analysts, and the group's median estimates for the electronics giant were a company-wide loss of 75.8 billion yen ($630 million), with revenues up 9.5 percent to 2.02 trillion yen ($16.8 billion).

As for the culprit behind those projected losses, they appear to be due to the game division and then some. Bloomberg said responses from five of the analysts pegged Sony's game group as posting a quarterly loss of 121 billion yen ($1 billion), completely wiping out expected profits from the rest of the company's divisions. The gaming business more than offset gains from Bravia HDTVs and the box office performance of Spider-Man 3, according to the report.