Sony sinks to $1.3 bln Quarterly loss

Sony sinks to $1.3 bln Quarterly loss

Sony sinks to $1.3 bln Quarterly loss

Sony Corp. sank to a 138 billion yen ($1.3 billion) quarterly loss, hit by costs from selling its personal computer business, and is forecasting more red ink as it struggles to execute a long-promised turnaround. The Tokyo-based maker of the PlayStation 4 game machine, Bravia TVs and Walkman digital player also reported a loss of 128.4 billion yen ($1.3 billion) for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year.
It forecast a 50 billion yen ($490 million) loss for the year ending March 2015 as overall sales are expected to be flat without its Vaio PC business.
Earlier this month, Sony said it would report a bigger annual loss than forecast because of expenses that stemmed from selling Vaio, such as restructuring charges and dealing with excess inventory in components.
The PC-related losses are expected to continue this fiscal year, totaling 80 billion yen ($784 million), on top of the 92 billion yen ($900 million) for the fiscal ended March 2014.

Posted on May 14 2014. Filed under Business, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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