Business News Labels & Publishers

Sony Corp increases loss prediction

By | Published on Friday 2 May 2014


Sony Corp warned yesterday that its losses for the last financial year are likely to be higher than previously predicted, at $1.27 billion.

As previously reported, Sony announced in February that it expected to make a loss of $1.1 billion (£651 million), adding that it would sell its PC business and cut 5000 consumer electronics jobs to help make up the shortfall. It also appointed a new CFO in light of the losses.

But the doom and gloom continued yesterday, when Sony admitted that it was now expecting the final loss figure to come out closer to $1.27 billion (£752 million).

However, as previously reported, on the music side things are looking brighter, with revenues and profits for the final quarter of 2013 up year-on-year.

The full financial report for Sony Corp’s year up to 31 Mar will be published on 14 May.