Reuters: Technology News: Sony posts quarterly loss, cuts outlook as TVs slip back into red

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Sony posts quarterly loss, cuts outlook as TVs slip back into red Oct 31st 2013, 06:50 Tweet Share this Email Print Reprints The shrouded structure in San Francisco Bay.   Slideshow  Logos of Sony Corp. are seen at an electronics store in Tokyo October 31, 2013. Credit: Reuters/Toru Hanai TOKYO | Thu Oct 31, 2013 2:50am EDT TOKYO (Reuters) - Sony Corp cut its full-year profit targets and posted a net loss for the September quarter as its struggling TV operation fell back into the red, highlighting the difficulties it faces restoring its electronic hardware operation to profit. Sony posted a net loss of 19.3 billion yen ($196.65 million) for its second quarter. Its TV operation flipped from a 5.2 billion yen operating profit in the first quarter to a 9.3 billion yen loss. Its operating profit forecast for the year to next March was cut to 170 billion yen from 230 billion yen, below the average of 221 billion yen expected by 22 analysts surveyed by Thomson Reuters I/B/E/S. Sony also cut its full-year goal for TV sales, but Chief Financial Officer Masaru Kato said the company was sticking to its target of a full-year profit for its electronics division. Japan's consumer electronics makers including Panasonic Corp and Toshiba Corp have been hobbled by losses from their TV operations, hit by stiff competition from Asian rivals. (Reporting by Sophie Knight; Editing by Edmund Klamann and Ryan Woo) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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