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Sony cuts outlook citing restructuring, competition

updated 11:55 am EDT, Fri July 29, 2005

Sony slashes outlook

Sony slashed its full-year profit outlook today by and said it slumped to a first-quarter loss because of falling prices and a big charges for reviving its ailing consumer products business. Sony now expects net income of 10 billion yen, or $89.3 million, for the fiscal year ending March 31, 2006, compared with an April forecast of 80 billion yen, or $714 million. Sales will be 7.25 trillion yen, 3 percent lower than its April outlook, the Tokyo-based company said in a statement. Sony blamed the downgraded outlook on bigger than expected restructuring costs, falling electronics prices, sliding television sales, and falling behind other rivals in hit products like the iPod.

by MacNN Staff




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