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Sony Profits Drop on Restructuring
Sony Corp.’s earnings plunged 26 percent for the latest quarter as expenses for job cuts and other restructuring costs and lower profits from its electronics, moviemaking and video games business offset profit improvement in its music business. But the Japanese electronics and entertainment giant said Wednesday its sales rose for the October-December quarter and it boosted its profit forecast for the year due to a gain on a currency investment. Sony said it earned 92.6 billion yen ($875 million) in the October-December period, down from 125 billion yen a year earlier. Sales inched up 0.7 percent to 2.32 trillion yen… Read more »