Sony Corp. boss Howard Stringer’s efforts to turn around the media and electronics giant have hit a snag.

The company yesterday slashed it profit expectations for its current fiscal year by 17 percent after net income plunged 47.7 percent to $330 million for the three months ended June 30.

The quarterly decline was fueled by a big drop in consumer electronics profits, unfavorable currency exchange issues surrounding the Yen, and tough film comps to a year ago when it was riding high on the mega-hit “Spider-Man 3.”

Sales were essentially flat at $18.7 billion.

Operating income for the electronics segment experienced its biggest decline in two years, falling 57.2 percent to $418 million in response to heightened price competition for laptop computers, digital cameras and handheld video cameras.

The division, which posted essentially flat sales of $13.6 billion, was also hurt by a profit free fall in its Sony Ericsson wireless joint venture, which experienced a 97 percent drop in net income to $9.4 million.

Meanwhile, sales in the film division fell 20 percent to $1.5 billion and the unit swung to an operating loss of $78 million in face of higher theatrical marketing expenses and minus a hit on the level of “Spider-Man 3.”

The news wasn’t all bad for the company, which, in a surprise, boosted sales in its games division by 16.8 percent to $2.2 billion and swung to an operating income profit of $51 million.

Sony ADR shares fell $2.25, or 5.6 percent to $37.68.