Tuesday, September 23, 2014   

Sony exits PC business
(02-06 15:05)

Sony on Thursday drastically slashed its full-year earnings forecast, saying it would lose about US$1.08 billion as the Japanese consumer electronics giant announced it was exiting the personal computer business.
The firm, which said it earned 11.17 billion yen in the nine-months to December but would lose 110 billion yen over the full fiscal year, announced it would sell the unit under the Vaio brand to a Japanese investment fund, AFP reports.
The shock announcement reverses Sony's previous outlook which was for a 30 billion yen net profit in the year to March.
The company blamed the poor outlook on a declining business and planned assets sales "which were reconsidered'', as well as some losses in its games business which were not included in the earlier forecast.
Sony also said it would sell its struggling PC business to Japan Industrial Partners (JIP).
It did not disclose financial details, but Japanese media have reported that the deal was worth between 40 billion yen and 50 billion yen.
Citing "drastic changes'' in the global PC market, Sony said it had decided to "concentrate its mobile product lineup on smartphones and tablets and to transfer its PC business to a new company established by JIP that will enable (its) continuation''.
The firm would "cease planning, design and development of PC products'', it added.
"Sony's manufacturing and sales will be discontinued after the Spring 2014 lineup.''   
Other Business breaking news:
Hong Kong inflation marginally eases in August (09-22 19:21)
Amazon hit by fresh strikes in Germany (09-22 18:44)
Nissan to make luxury cars in new China joint venture (09-22 17:40)
Slowing profits for China's state firms (09-22 16:17)
Hang Seng finishes lower (09-22 16:14)
Bosch in 3-bn-euro buyout of Siemens in home appliance joint venture (09-22 16:09)
OSI laying off hundreds from troubled China food plant (09-22 16:07)
Nikkei ends lower (09-22 15:21)
European stocks markets drop at open (09-22 15:20)
Microsoft delays launch of Xbox in China (09-22 14:39)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.