Sony Will Miss Estimates Due to Quake, Hacking

24.05.2011

The company said in today's announcement that the unauthorized intrusion may cost the company 14 billion yen this fiscal year.

Sony started resuming PlayStation Network and Qriocity entertainment services in the U.S. and other regions excluding Japan and Asia on May 15, more than three weeks after it suspended services following an attack on its network.

Sony had been expected to forecast net income of 116.6 billion yen for the year started April 1, according to the average estimate compiled by Bloomberg, which also showed sales totalling 7.18 trillion yen.

On May 20, Sony Financial Holdings Inc., the insurance and banking arm of Sony, reported a 13% decline in annual net income to 41.7 billion yen. The company forecast net income would fall 31%, to 29 billion yen, this fiscal year.

The company is offering U.S. customers of the PlayStation Network and Qriocity a year of free identity-theft monitoring along with $1 million insurance coverage per user.