Sony Projects First Loss in 14 Years

Updated: Thu 4:11 AM, Jan 22, 2009

TOKYO (AP) - Sony Corp. has slashed its annual earnings forecast, projecting its first net loss in 14 years on slumping sales, a strong yen and restructuring costs.

The Japanese electronics company said Thursday it expects a net loss of 150 billion yen ($1.67 billion) for the fiscal year through March.

Sony had already lowered its forecast to a 150 billion yen ($1.5 billion) profit. Last fiscal year, Sony had racked up a 369.4 billion yen net profit.

Sony has been battered by the global recession that has crimped consumer spending during the critical year-end shopping season.

Burger King to Unveil New Summer Menu, McRib Rival

Comments are posted from viewers like you and do not always reflect the views of this station.

US Business News

Pricey Beef Puts Heat on Grilling Season
Here's the beef: Enjoy the Memorial Day grilling, because retail beef prices are widely expected to set new records in coming weeks.
DOJ Notified News Corp. About Phone-Record Seizure
The Justice Department notified the parent company of Fox News more than two years ago about its seizure of phone records belonging to one of its reporters, but News Corp., didn't tell Fox about the notification.
Bausch & Lomb Nears Sale
Bausch & Lomb, which is owned by private-equity firm Warburg Pincus, is nearing a deal to sell itself to generic-drug maker Valeant for about $9 billion.
P&G's Lafley Begins New Talent Hunt
Procter & Gamble's A.G. Lafley, newly returned as CEO, must repopulate a depleted pool of top executives as he prepares a major overhaul and considers succession.
U.S. Firm's Gear Seen Aiding Syria
Syria's telecommunications providers continue to use technology by Blue Coat Systems to monitor Internet usage, according to Telecomix, a hacker-activist group that has tracked the previous use of the technology.
Bausch & Lomb Unit to Pay $33.5 Million to Resolve Charges
Ista Pharmaceuticals has agreed to pay $33.5 million to resolve charges that it promoted its anti-inflammatory drug Xibrom for unapproved uses in an effort to boost sales, the Justice Department said.
Hulu Suitors Line Up
Yahoo submitted a bid to acquire Hulu, as the Internet company tries to add more high-quality online video that can appeal to advertisers.
Google Pushes Into Emerging Markets
Google is deep into an effort to fund, build and help run wireless networks in emerging markets such as sub-Saharan Africa and Southeast Asia, a move that could connect a billion or more new people to the Internet.
Abercrombie & Fitch Posts Loss
Teenage-apparel retailer Abercrombie & Fitch reported a sharp drop in quarterly sales, but said it is having success fixing inventory problems.
Turkey Moves to Curb Alcohol Sales
Turkey moved to curb alcohol sales and restrict advertisements in a move likely to deepen outrage among secular Turks who accuse the government of having an Islamist agenda.