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Sony raises net loss forecast for fiscal 2014

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Staff writer ▼ | September 18, 2014
Sony Corp. said it expects to post a much deeper net loss for the current fiscal year, as it cut the value of its mobile communications unit after smartphone sales failed to meet expectations.
Sony Corp
Bad news   Electronics giant expect much deeper loss
The Japanese electronics maker Wednesday said it predicts a 230 billion yen ($2.15 billion) net loss for the year ending in March compared with its previous forecast for a 50 billion yen loss.

In July, Sony sharply cut its forecast for smartphone sales, dealing a stiff blow to one of the pillars on which it had hoped to rebuild its troubled electronics business.

In the April-to-June quarter, its mobile-phone unit posted an operating loss amid sagging sales, forcing Sony to cut its annual sales target to 43 million handsets.

Sony said it will now book a 180 billion yen impairment charge -- the entire amount of goodwill in the segment -- in the second quarter of this fiscal year.