Sony sinks to $1.3B quarterly loss on PC expenses
Source: AP-Excite
By YURI KAGEYAMA
TOKYO (AP) — Sony Corp. sank to a 138 billion yen ($1.3 billion) quarterly loss, hit by costs from selling its personal computer business, and is forecasting more red ink as it struggles to execute a long-promised turnaround.
The Tokyo-based maker of the PlayStation 4 game machine, Bravia TVs and Walkman digital player also reported Wednesday a loss of 128.4 billion yen ($1.3 billion) for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year.
It forecast a 50 billion yen ($490 million) loss for the year ending March 2015 as overall sales are expected to be flat without its Vaio PC business.
Earlier this month, Sony said it would report a bigger annual loss than forecast because of expenses that stemmed from selling Vaio, such as restructuring charges and dealing with excess inventory in components.
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People are reflected on a wall of the Sony building at Ginza shopping district in Tokyo, Wednesday, May 14, 2014. Sony Corp. sank to a 138 billion yen ($1.3 billion) quarterly loss, hit by costs from selling its personal computer business and is forecasting more red ink as it struggles to execute a long-promised turnaround. The Tokyo-based maker of the PlayStation 4 game machine, Bravia TVs and Walkman digital player also reported Wednesday a loss of 128.4 billion yen ($1.3 billion) for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year. (AP Photo/Shizuo Kambayashi)
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It is almost like Steve Jobs is the John Galt of the Democratic party. 
