Sony cutting 5,000 jobs, reverts forecast to loss

Sony has reversed its prediction of a full-year profit, now expecting to make a net loss of ¥110 billion ($ 1.1 billion) in the year ending March 2014. It’s the second quarter in a row that Sony has cut its guidance; the company slashed expectations to ¥30 billion from ¥50 billion in October. Sony hasn’t changed its revenue forecast, however — the swing to loss is down to depreciation and amortization along with restructuring costs incurred by selling off the VAIO PC business and spinning off TVs into a separate unit. Operating income for Q3 was ¥90 billion yen ($ 860 million) and net profit was ¥27 billion ($ 257 million) off sales of ¥2.41 trillion ($ 23 billion).

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