Sony expects $489M loss this year, as financial woes continue
The Japanese tech giant says it will spend money restructuring, bowing out of some businesses.
Sony doesn't expect to make any money this year, the Japanese tech giant has warned, saying it will spend this year making major changes to its business.
The PlayStation-maker, which is one of the biggest tech companies in the world, has seen its fortunes eroded in recent years by competitors such as Samsung and Apple, and now expects to post of a loss of 50 billion yen (roughly $489.5M) in the current fiscal year, Reuters reports.
"We'll make this a year of biting the bullet on restructuring," Sony's CFO Kenichiro Yoshida is quoted as saying. "In previous years the restructuring was mostly within business units and in manufacturing," Yoshida reportedly said. This time the difference is that we are quitting businesses entirely."
Sony warned of an income drop for the last fiscal year (which ended on 31 March) several weeks ago, blaming shrinking demand for disc-based media, and unexpected costs associated with its withdrawal from the PC business.
A recent report suggested Sony would stop production of commercial OLED TVs, to focus on 4K panels.
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