Sony warns smartphone weakness will brake profit progress

Friday, 1 August 2014 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Japan’s Sony Corp warned it doesn’t now expect to make money on smartphones this year, citing weak demand, as the consumer electronics maker said restructuring will still help it turn a profit on its TVs after 10 years of losses. As it said April-June operating profit doubled, boosted by its videogames business and a one-off asset sale, Sony on Thursday cut its smartphone sales target this fiscal year by 14 percent. Sony now expects to just break even in the business this year, down from a previous operating forecast of 26 billion yen ($253 million), and is reviewing its mid-term strategy. Sony now expects to sell 43 million smartphones this year, down from 50 million - a previous target corporate planning director Hiroki Totoki described on Thursday as “a little aggressive”.

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