Sony loses money on almost every device it sells, wrote The New York Times Monday, noting that Sony’s main industry is no longer electronics but soft goods like, music and movies and even insurance.
This has lead one analyst to suggest Sony should stick to its current money making ventures and leave most of its electronics business behind.
“In our view, [Sony] needs to exit most electronics markets,” declared analyst Atul Goyal of Jefferies, said The Times.
Sony’s biggest cash cow currently is actually insurance; it sells life, auto and health insurance in Japan.
In the last decade Sony’s electronics division has lost $8.5 billion while its music and movie divisions have made $7 billion.
In a different tack, Daniel Loeb, a U.S. hedge fund manager suggested earlier this month that Sony spin off its film and music divisions to raise money to help its electronics division. Sony’s CEO Kazuo Hirai said last week the board of directors would consider Loeb’s proposal.
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Source: The New York Times