Sony forecasts multi-billion dollar loss, blames slow smartphone sales
A Sony employee displays the new smartphone Xperia Z3 with a PlayStation4 video game controller at the company's headquarters in Tokyo earlier this month. (Getty Images)
Sony confirmed it expected to post a much deeper net loss of $2.14 billion, more than four times the previous forecast.
In July, the Japanese electronics giant cut its forecast for smartphone sales in a failed attempt to rebuild the troubled business, the Wall Street Journal has reported.
In the last quarter, Sony received significant boosts from its other businesses including the company’s movies, video games and cameras to offset the loss suffered due to the restructuring.
"The new MRP (Mid-Range Plan) was modified to address the significant change in the market and competitive environment of the mobile business," Sony said in a statement.
"Under the new MRP, the overarching strategy for the (mobile) segment has been revised to reduce risk and volatility, and to deliver more stable profits.
"This revision includes changing the strategy of the (mobile) segment in certain geographical areas, concentrating on its premium line-up, and reducing the number of models in its mid-range line up."
Sony, which also makes the PlayStation gaming console and the Bravia TVs, enjoyed success with the release of The Amazing Spiderman 2 and 22 Jump Street. The music division also fared well last quarter, Tech Times reported.
Additional reporting by AFP
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