Sony Cuts Profit Forecast After Slump in Television Demand
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Sony Corp., Japan’s largest exporter of consumer electronics, cut its annual profit forecast after a slump in demand in the U.S. and Europe led the company to lower its estimate for television sales.
Net income may total 60 billion yen ($771 million) for the year started April 1, the Tokyo-based company said in a statement today, revising its earlier projection of 80 billion yen. Tokyo-based Sony also cut its estimate for sales 4 percent to 7.2 trillion yen.