Sony has forecast a 130 billion JPY (US$1.27 billion) net loss for the fiscal year ending 31 March 2014; an increase in the company’s earlier estimated 110 billion JPY (US$1.07 billion) loss.
Expected operating income was also lowered to 26 billion JPY from February’s 80 billion JPY forecast.
Sony previously announced several cost-cutting measures for the 2014 fiscal year, including the closure of circa two-thirds of the company’s 31 Sony retail outlets in the US, 5,000 layoffs worldwide, the sale of Sony’s Vaio PC operations and the spin-off of Sony’s television division.
Last month Sony also announced the sale of SCE’s 9.52 million Square Enix shares to SMBC Nikko Securities at an estimated profit of circa 4.8 billion JPY (US$47 million).
Earnings from the stock sale will be included in Sony’s first quarter financial results for the current fiscal year ending 31 March 2015.
