August 27, 2014
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.