Sony on Wednesday lowered its full-year guidance from its earlier forecast of a 60 billion yen profit to a 90 billion yen loss following second fiscal quarter earnings that missed projections. Sony was surprised by a 27 billion yen loss in its September quarter compared to a 31 billion-yen profit in the same quarter last year, prompting the struggling electronics giant to slash sales targets for annual sales targets for flat panel televisions, PCs and cameras. Sony now estimates that it will sell 20 million TVs during the current fiscal year, down from its earlier estimate of 22 million units. The company attributes the sales decline to “unfavorable foreign exchange rates and lower LCD television sales,” among other factors. Shares of Sony stock were down 6% on Tuesday ahead of the company’s earnings report, and the stock is down nearly 50% this year.
Read [PDF]
