Bloomberg: Sony profits could fall 50 percent

The electronics giant's third-quarter results likely to plummet as a result of losing market share to Nintendo.

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Sony's third-quarter financial earnings results, which are scheduled to be released tomorrow, could be down more than 50 percent from the same period the previous year, reports Bloomberg.

The financial news service surveyed five analysts on Sony's upcoming results, and the median estimate weighed in at 84.1 billion yen (approx $680 million), dramatically short of last year's third-quarter earnings of 168.9 billion yen ($1.38 billion).

Sony CEO Howard Stringer has "failed to fend off Nintendo," the report continues, with the Wii outselling the PS3 two-to-one worldwide.

The company is likely to lose a record 191.9 billion yen ($1.57 billion) from games this fiscal year, compared with a profit of 8.7 billion yen ($71 million) last year, according to the survey.

In October, Sony cut its fiscal-year profit forecast to 80 billion yen ($656 million), a five-year low. Shares in Sony recently jumped 6 percent, the biggest single increase in more than a year.

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