Sony (NYSE: SNE) reported its Q208 earnings this morning, and the picture isn’t that pretty: it posted a 39 percent fall in quarterly operating profits, hit by losses in its Sony Ericsson (NSDQ: ERIC) JV. Its profits fell to $327 million (34.98 billion yen)—about half of last year. However, among the bright lights: profits in its Playstation division, unlike last year’s losses…it had operating profits of $51 million for the games division. Sales increased 16.8 percent year-on-year primarily as a result of an increase in sales of PS3 and PSP. In the Sony Pictures segment, there was a 31.0 percent decrease in sales year-on-year primarily because no film performed as strongly as last year’s Spider-Man 3, meaning it didn’t have a blockbuster to bank on.

SonyBMG, which Sony is trying to buy back the 50 percent share it doesn’t own, according to reports, recorded equity in net loss of $24 million, reflecting the impact of the continued decline of the worldwide physical music market, higher restructuring costs and the non-recurrence of a prior year gain.

The full results are in the PDF file here.