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Sony cuts expectations for FY2013

Electronics giant posts 24.6bn yen loss for first quarter

Sony cuts expectations for FY2013
Sony cut its forecast for FY2013 to 6.8bn yen.

Sony has cut its financial forecast for the year after poor results for the quarter to end of June 2012.

The electronics giant posted a 24.6billion yen loss ($313.5m) for the quarter. Operating income was down 77% to 6.3bn yen ($80m).

The company reported a slight increase in sales, up 1.4% to 1.52 trillion yen, ($19.1bn) from strong sales in by cameras, professional broadcasting products and mobile phones.

The company also took 11.3bn yen ($144m) in restructuring charges for the quarter, in connection with modifications to its organizational structure as of April 1, 2012, primarily repositioning the operations of the previously reported Consumer, Products & Services ("CPS"), Professional, Device & Solutions ("PDS") and Sony Mobile Communications ("Sony Mobile") segments.

The company has now cut its expectations for the fiscal year ending March 31, 2013, down to 6,800 billion yen, and expects to see lower sales for key products including its handheld PSP and PS Vita.

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