Business

Sony forecasts $2B loss as smartphones lag

By Elaine Kurtenbach
Published September 17, 2014 11:22am ET
Add Washington Examiner on Google
Sony forecasts $2B loss as smartphones lag
Sony Corp. President Kazuo Hirai bows at the end of a press conference at the company's headquarters in Tokyo, Wednesday, Sept. 17, 2014. Sony expects its annual loss to swell to $2 billion and has canceled dividends for the first time in more than half a century after writing down the value of its troubled smartphone business. Citing intense competition, especially from Chinese rivals, Sony said it anticipates a net loss of 230 billion yen ($2.15 billion) for the fiscal year that ends March 31, 2015. (AP Photo/Toru Takahashi) | Toru Takahashi

TOKYO (AP) — Sony expects its annual loss to swell to $2 billion and has canceled dividends for the first time in more than half a century after writing down the value of its troubled smartphone business.

Citing intense competition, especially from Chinese rivals, Sony said Wednesday it anticipates a net loss of 230 billion yen ($2.15 billion) for the fiscal year that ends March 31, 2015. Its previous forecast was for a 50 billion yen ($466 million) net loss.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.

Tag:

Smartphones