Sony Corp cut its full-year profit targets after slipping to a quarterly net loss as its recovering TV operation relapsed into the red. With a quarterly net loss of 19.3 billion yen ($197 million), Sonys bad-news Thursday came in stark contrast to an upbeat showing by Japanese peer Panasonic Corp. It also stirred doubts about how the best-known Japanese technology company can anchor a turnaround as rivals like Apple Inc and Samsung Electronics Co have gained dominance through heavy investment in new mobile devices. I still cannot see any fundamental and believable strategy for the rebirth of Sonys electronics business, said Makoto Kikuchi, CEO of Myojo Asset Management based in Tokyo. On the other hand Panasonic, which is shifting its business away from consumer electronics, is reporting better-than-expected results.
Sony slashes profit outlook with TV business back in red
31
Oct
2013
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