Sony has slashed its profit forecasts for the third time for fiscal year 2013.
Sony cut its forecast for operating profit to 26 billion yen ($254.53 million) for the business year ended in March from a previous estimate of 80 billion yen (Feb) and down from an initial forecast of 230 billion set last May.
According to the company, for the fiscal year ending March 31, 2014 the company now expects to incur a net loss of 130 billion yen ($1.27 billion). This is larger than February’s original estimate of a 110 billion yen ($1.07 billion) loss.
“To be honest, I really wonder if he’s got a grip on what’s going on with all his businesses,” portfolio manager at Tokyo-based Bayview Asset Management Yasuo Sakuma told Reuters. “Cutting forecasts at this time; are they trying to hide something or have they lost it?”
“It is another major letdown,” Tomoichiro Kubota, senior market analyst at broker Matsui Securities Co. told The Wall Street Journal. “The contrast is stark with Sony anticipating a bigger loss while other companies are starting to enjoy the fruits of their restructuring measures.”