Sony to report annual net loss

(MENAFN) Sony is expected to post a higher-than-expected annual loss on higher costs after exiting personal computer business, according to Oman Observer. The Japanese electronics giant said it would book a USD1.27 billion net loss in the latest fiscal year to March. The company also said it will cut 5,000 jobs in its struggling computer and television units. Sony added: "Primarily due to demand for physical media contracting faster than anticipated, mainly in the European region, the future profitability of the disc manufacturing business has been revised."