(MENAFN) Sonny said it expects to lose around USD2.14 billion in this financial year, four times more than its previous forecast, blaming it on a downturn in its mobile phone business, The Peninsula Qatar reported.
The Japanese electronics giant also said it would cut the smartphone unit's global staff by 15 percent, which is about 1,000 jobs, and not pay shares since the first time it started in 1958.
The surprise announcement of Sony's losses came only months after it registered a loss of USD465.54 million, marking a turnaround in its loss-making hard-hit television unit.
Sony has cut expectations for sales in the smartphone business, which has been hit by weaker-than-expected results in emerging markets, as it faces off against global rivals including Samsung and Apple.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.