Sony Revises Forecast for Big Losses in 2015

TOKYO - Sony (IW 1000/55) on Wednesday cut its full-year loss forecast by more than a quarter to $1.4 billion, thanks to a weak yen and improving smartphone sales but it warned of further job cuts as part of its sweeping corporate overhaul.

The firm said it now expects to lose 170 billion yen in the fiscal year to March, down from an earlier estimate of 230 billion yen, as it also cited lower restructuring costs.

Sony has struggled in the consumer electronics business that built its global brand, including losing billions of dollars in televisions over the past decade as fierce competition from lower-cost rivals pummeled the TV subsidiary's finances.

Threats made by hackers prompted Sony to initially cancel its theatrical release. It was eventually screened in select art house cinemas, and released on the Internet and via cable TV providers.

Washington has blamed North Korea for the hack -- a claim Pyongyang has denied while still strongly condemning the film, which features a fictional plot to assassinate leader Kim Jon-un.

On Wednesday, Sony also said third-quarter revenue from image sensors and its PlayStation games business picked up, but sales were down in the movie and television production business.

Restructuring costs in the quarter were down by a third from a year ago, it said.

For the nine months to December, Sony estimated it had a net loss of 20.1 billion yen, reversing 9.9 billion yen profit a year earlier.

Sony shares closed 2.65% higher at 2,769.0 yen in Tokyo before the results were released.

Copyright Agence France-Presse, 2015