TOKYO (AP) -- Sony Corp. drastically lowered profit and sales forecasts for the fiscal year Thursday, blaming deteriorating sales of flat-panel TVs and other gadgets battered by a global slowdown.
The latest numbers would mean that Sony's profit for the fiscal year ending March 2009 are set to plunge 59 percent from the previous year.
Tokyo-based Sony now expects a 150 billion yen ($1.5 billion) profit for the year ending March 2009, and it gave the unfavorable currency rate as another big reason for the faltering results.
Back in July, Sony had expected to post 240 billion yen ($2.4 billion) in profit for the fiscal year.
That worries me.
Will it mean budget cuts across all divisions?
Will this abort Sony's seriousness in eBooks?
I am stubborn: Heed the lesson of Henry Ford!
Change the world, Sony: DO IT!