Click to Skip Ad
Closing in...

Sony forecasts fourth consecutive annual loss as Q2 misses

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]

Zach Epstein

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.

Popular News