Sony Cuts Guidance a Third Time as Recovery Founders
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Sony Corp., the maker of Xperia smartphones and PlayStation consoles, posted a loss wider than forecast as Chief Executive Officer Kazuo Hirai’s turnaround founders amid slumping consumer electronics sales.
Sony posted a preliminary net loss of 130 billion yen ($1.3 billion) in the 12 months ended March, the Tokyo-based company said in earnings reported yesterday. That’s the third downward revision after a February loss projection of 110 billion yen, itself a reduction from a revised October forecast for profit of 30 billion yen.