Sony's Q2 2018 results are in - smartphone sales drop to 2 million

Sony just published its Q2 financial report and unfortunately it holds little good news for its struggling mobile business. The Japanese firm shipped just 2 million phones in Q2 this year compared to the 3.4 million in Q2 2017.

That's just $1.18 billion revenue and a 27% decline year-over-year. The main reason lies in the weak Japanese and European sales, but interestingly, Sony remains stable in the rest of the world. It has also forced Sony to re-calculate its projected sales and revenue for 2018.

Initially, the OEM forecasted 10 million sales accounting for $5.74 billion until the end of 2018, but since Q2 turned out to be pretty disappointing, Sony adjusted to 9 million units and $5.47 billion revenue.

To make up for this Sony is planning to keep its cost-cutting strategy so that it will finally profit in the following quarters. Next year's push to 5G technologies is expected to have a positive impact on the firm's growth in the segment. Here's hoping Sony finally finds a way to turn its fortunes around.

Source