Pursuits
Sony’s Profit Forecast Misses Estimates on Earthquake Damage
- Total impact of 115 billion yen on operating profit from quake
- Sales also seen on track to fall short of projections
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Sony Corp. forecast annual profit that fell short of estimates, hurt by costs to repair a factory that was damaged in the Kyushu earthquake, lost sales and slowing demand for smartphone components.
Net income will probably decline 46 percent to 80 billion yen ($732 million) in the 12 months ending March 2017, the Tokyo-based company said in a statement Tuesday. That compares with the 196 billion yen average of analysts’ projections compiled by Bloomberg. The shares fell 1.2 percent in German trading.