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Sony Raises Estimated Losses For Financial Year
posted on by Lynzee Loveridge
Sony announced on Thursday that it is estimating a loss of US$1.27 billion for the 2013 fiscal year. The company attributes the losses to leaving the computer industry and increased expenditures in its disc manufacturing operations outside of Japan. Sony previously predicted a loss of US$1.1 billion in February. The company is expecting 0.9 percent higher sales for the year, however, with a total of US$76 billion.
Sony announced last month that it will sell all of its 9.52 million shares of Square Enix Holdings to SMBC Nikko Securities Inc. Sony expects to receive a profit of about 4.8 billion yen (about US$47 million) from the sale in the first quarter of its financial year (April to July).
Sony will announce the results of the 2013 financial year on May 14.
Source: The Hollywood Reporter
