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Sony's financials battered, forecasts losses until 2015

Sony will continually struggle financially, as it quits business sectors, and relies heavily on the Sony PlayStation 4 game console (NYSE:SNE)
| Business, Financial & Legal News | Posted: May 15, 2014 1:39 am

Japanese electronics giant Sony expects a massive $489 million loss during this financial year, as company CEO Kazuo Hirai struggles to turn his company around. Meanwhile, Sony will spend up to $1.32 billion to try and restructure through March 31, 2015, and financial analysts believe it will take some time before Sony can try to recover.

 

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Earlier in the year, Sony confirmed it would sell off its PC unit and TV business, along with laying off 5,000 employees. The VAIO PC sale will be completed by July, as Japan Industrial Partners will try to add some sales and marketing power to the brand.

 

Here is what Sony CFO Kenichiro Yoshida said during a financial call: "In previous years the restructuring was mostly within business units and in manufacturing. This time the difference is that we are quitting businesses entirely."

NEWS SOURCES:Bbc.com, Latimesblogs.latimes.com

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