Sony quadruples loss forecast

Sony has unexpectedly said its annual loss may be more than four times bigger than initially forecast. It now expects a full-year loss of 230bn yen ($2.15bn) compared with a previous estimate of 50bn yen.

The loss is mainly attributed to its struggling mobile business, which has been losing money due to competition from global rivals such as Apple and Samsung. Sony said it would not pay a year-end dividend for the first time.

Sony said its latest plan had been “modified to address the significant change in the market and competitive environment of the mobile business.” This is the sixth profit warning from the company, which made the announcement after Japanese stock markets had closed.

 

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