Sony reports losses

Sony has announced that it lost 30 billion yen (about $240 million) in its first fiscal quarter, which ended in June. The company posted significant losses in three of its six main product lines, including electronics, movies, and video games. Sony announced that overall PlayStation 2 sales rose 29 percent for the period, but those gains were offset by increasing PS2 hardware manufacturing expenses. In response to the quarter results, Sony has cut its profit estimates for the fiscal year ending March 2002 by 60 billion yen (about $480 million).