The electronics giant cited its exit from the PC market as the main culprit, with the move costing them up to $300 million in added costs.
Operating profit expectations for the fiscal year were reduced from ¥80bn ($780 million USD) to ¥26bn ($253 million USD), and the company's DVD and CD-ROM production unit booked a ¥25bn ($250 million) impairment loss.
The company still expects a large net loss of ¥130bn ($1.27 billion), a stark contrast from the net profit the company had forecasted over a year ago.
New CEO Kaz Hirai has been tightening the focus of the company since taking the reigns, and has shuttering and selling businesses that do not fit in the core Sony wishes to achieve. The company has also sold buildings and other tangible assets, netting billions.
Hirai also announced that the company's TV business would be spun off, after losing nearly $8 billion over the past decade. The PC division has been sold. Sony's new focuses are on mobile, imaging and gaming, where its PlayStation 4 console has been a major hit so far.
Written by: Andre Yoskowitz @ 1 May 2014 22:59