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| Sony shares plunge as it cuts profit forecast | Sony shares plunge as it cuts profit forecast |
| (about 4 hours later) | |
| Shares in Japanese electronics giant Sony plunged 11% to 1,668 yen on the Tokyo Stock Exchange after the firm cut its profit forecast. | |
| The firm lowered its full-year profit forecast by 40% on Thursday as it reported a loss for the July-to-September quarter. | The firm lowered its full-year profit forecast by 40% on Thursday as it reported a loss for the July-to-September quarter. |
| The company has been hurt by by slowing demand and falling prices for key products such as TVs and game consoles. | The company has been hurt by by slowing demand and falling prices for key products such as TVs and game consoles. |
| Its cinema division was also hurt during the quarter by some flops. | Its cinema division was also hurt during the quarter by some flops. |
| The firm now expects to make a net profit of 30bn yen ($305; £190m) in the financial year to 31 March 2014, down from its earlier forecast of 50bn yen. | The firm now expects to make a net profit of 30bn yen ($305; £190m) in the financial year to 31 March 2014, down from its earlier forecast of 50bn yen. |
| The cut came as the firm said its loss in the three months to the end of September widened 25% from a year ago to 19.3bn yen. | The cut came as the firm said its loss in the three months to the end of September widened 25% from a year ago to 19.3bn yen. |
| Its earnings were impacted by the poor showing of some high-profile movies including White House Down. | Its earnings were impacted by the poor showing of some high-profile movies including White House Down. |
| Meanwhile, its TV division - which has struggled in recent years - also posted a loss of 9.3bn yen during the period, | Meanwhile, its TV division - which has struggled in recent years - also posted a loss of 9.3bn yen during the period, |
| At the same time, a drop in prices resulted in its Game division reporting an operating loss of 800m yen during the period, compared to an operating profit of 2.3bn yen during the same quarter a last year. | At the same time, a drop in prices resulted in its Game division reporting an operating loss of 800m yen during the period, compared to an operating profit of 2.3bn yen during the same quarter a last year. |
| Analysts said that with some of key division continuing to struggle investors were worried if the firm will be able to turn around it fortunes. | Analysts said that with some of key division continuing to struggle investors were worried if the firm will be able to turn around it fortunes. |