TOKYO – Sony Corp cut its full-year profit targets and posted a net loss for the September quarter as its struggling TV operation fell back into the red, highlighting the difficulties it faces restoring its electronic hardware operation to profit.
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Sony posted a net loss of 19.3 billion yen ($196.65 million) for its second quarter. Its TV operation flipped from a 5.2 billion yen operating profit in the first quarter to a 9.3 billion yen loss.
Its operating profit forecast for the year to next March was cut to 170 billion yen from 230 billion yen, below the average of 221 billion yen expected by 22 analysts surveyed by Thomson Reuters I/B/E/S.
Sony also cut its full-year goal for TV sales, but Chief Financial Officer Masaru Kato said the company was sticking to its target of a full-year profit for its electronics division.
Japan's consumer electronics makers including Panasonic Corp and Toshiba Corp have been hobbled by losses from their TV operations, hit by stiff competition from Asian rivals.
(Reporting by Sophie Knight; Editing by Edmund Klamann and Ryan Woo)