Sony Profit Forecast Misses Estimates as TVs Sales Sink
This article is for subscribers only.
Sony Corp., cutting 10,000 jobs after four straight years of losses, forecast a profit that was less than half of what analysts estimated as TV and PlayStation 3 sales slump.
Net income in the year ending March 31 may be 30 billion yen ($377 million), the Tokyo-based maker of Bravia TVs and Cyber-shot cameras said in a statement today. That compared with the 61.4 billion-yen average of 18 analyst estimates compiled by Bloomberg. Sony will lose about 80 billion yen selling TVs, a ninth straight year of losses in that business.