Sony slashes annual profit outlook by 90 percent

Markets Reuters

Sony

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The revised forecast of 20 billion yen ($255.5 million) for the year ending in March compares with its previous estimate of 200 billion yen in profit and market expectations of a 166 billion yen profit in a Thomson Reuters I/B/E/S poll of 20 analysts.

On a net basis, Sony cut its forecast to a loss of 90 billion yen, from its previous forecast for a net profit of 60 billion yen.

The maker of PlayStation games machines and Bravia televisions posted an operating loss of 1.6 billion yen for the July-September period, versus market expectations of a 40 billion yen profit and a 68.7 billion yen profit a year earlier.

($1 = 78.280 Japanese Yen)

(Reporting by Isabel Reynolds; Editing by Miyoung Kim and Chris Gallagher)

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(This story was corrected in paragraph two to change the currency conversion to $255.5 million, not $1.1 billion)

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