Quentin D. Solano
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Quentin D. Solano in Breaking news,

Sony Forecasts Wider Full Year Loss on Smartphone Competition

Sony Corp. (6758) widened its full year net loss forecast to 230 billion yen from a 50 billion yen loss and suspended its dividend after writing down the value of its smartphone business.

The Tokyo-based company said its loss for the year would be bigger than previously forecast because of a writedown of 180 billion yen in the value of its phone business due to competition in the market, the company said in a statement today.

Chief Executive Officer Kazuo Hirai is struggling to revive Sony through content, consoles and mobile devices. The company has lost money in five of the last six years amid declining demand for televisions and compact cameras.

The company posted net income of 26.8 billion yen ($261 million) in the three months ended June 30, compared with 3.5 billion yen a year earlier.

Sony lost 1.8 percent to 2,123.5 yen in Tokyo trading today, paring a 16 percent gain this year.

via bloomberg