Sony Forecasts Wider Full-Year Loss

12:17 AM PST 05/01/2014 by Gavin J. Blair
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Sony has again revised its financial forecasts downwards.

Sony has upped its estimated loss to $1.27 billion for the financial year ending in March due to costs incurred in exiting the computer business and increased expenses in its overseas disc manufacturing operations.

TOKYO – Sony announced on Thursday that it is expecting a larger-than-predicted loss of $1.27 billion (¥130 billion) for the financial year ending in March, up from the $1.1 billion loss forecast the company made in February. 

The entertainment and electronics conglomerate said the loss is due to costs incurred in pulling out of the computer business, as well as higher impairment charges on its disc manufacturing operations outside Japan. 

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Sony is predicting slightly higher sales for the year at $76 billion (¥7.77 trillion), up 0.9 percent from its February forecast.

Sony did not address current forecasts for its film unit in Thursday's statement. 

Amazing Spider-Man 2, Sony Picture's big hope for the summer had opened in 42 territories by last weekend, taking in $132 million, including a solid $4.2 million two-day opening in Japan. Marc Webb's sequel opens in the U.S. on Friday.  

Full-year financial results will be announced at the company's Tokyo headquarters on May 14.

Twitter: @GavinJBlair

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