Sony forecasts $2 billion loss, cites weak mobile
Pic: AP.
TOKYO (AP) — Sony expects its annual loss to swell to more than $2 billion after writing down the value of its troubled mobile business.
The Japanese electronics and entertainment conglomerate said Wednesday it anticipates a net loss of 230 billion yen ($2.15 billion) for the fiscal year that ends March 31, 2015. Its previous forecast was for a 50 billion yen ($466 million) net loss.
Sony has been trying to reshape its business after years of losses. It said the bigger forecast loss stems from a weaker valuation of its mobile phone business due to sagging sales. Sony left its full-year sales forecast unchanged.
The profit warning follows a surprise eightfold jump in Sony’s quarterly profit in July thanks to gains from selling buildings and its stake in a video-game maker.
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