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Sony forecasts fourth consecutive annual loss as Q2 misses

Updated 4 years ago
BGR

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.

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Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.