Sony (NYSE: SNE) posted a loss last quarter. That was not what Wall Street had expected. Part of the problem is that falling stock markets hurt the company's securities portfolio. Maybe Sony should stick to consumer electronics and stay out of the stock market.

The only large division of Sony that really did well was its digital camera business.

Sony made a long-term error by believing its television business could push its earnings up. Price competition in that sector has knocked margins down. Sony had also hoped that sales of the PS3 would pick up. They have to some extent, but Sony has dropped the price on the product. That is hardly a way to drive operating profits.

According to The New York Times, "Sony aims to sell 17 million liquid crystal display TVs in the year to next March, up from 10.6 million in the year just ended." Of course, if it can't make money on all those TVs, the volume increase may not matter much.

Sony says the next year looks good, but that may well not be the case. It missed numbers in the quarter announced today, and the key engines of future performance are TVs and improved PS3 sales to eliminate the losses in the company's gaming unit.

Both of the businesses are critical to a turnaround at Sony but may not do well at all.

Douglas A. McIntyre is an editor at 247wallst.com.