Sony profits drop by 70 per cent, but PS3 sales double

The current financial climate is being unkind to all except the people who are paid to come up with ridiculous buzz terms like “credit crunch” or “financial tsunami.” Sony is feeling the burn, as the company’s profit has fallen by over 70 percent year-on-year. Ouch.

Sony’s net income has plummeted from JPY 73.7 billion (USD 760 million) to JPY 20.8 billion (USD 200 million). Blame is being put upon the strength of the Yen, which is hurting the company’s export business, and decline in stock value following thanks to the great depression.

In happier news, Sony’s game division is up by 10 percent, with PS3 sales almost doubling from 1.12 million units to 2.43 million. The PSP has also enjoyed success, shifting  3.18 million units, a 0.6 million jump. 

Every cloud has a silver lining, I suppose.