Sony increases loss forecast to $2.14billion due to phones

Sony on Wednesday raised its forecast annual loss
more than fourfold to $2.14 billion, blaming its
struggling mobile phone business.
The Japanese electronics giant said it now expects
to lose 230 billion yen in the fiscal year to March
2015, up from a previous forecast net loss of 50
billion yen and reflecting a drop in the value of its
mobile unit.
Sony has cut expectations for sales in the
smartphone business, which has been reporting
operating losses, as it faces off against rivals
including Apple and South Korea's Samsung.
"The new MRP (Mid-Range Plan) was modified to
address the significant change in the market and
competitive environment of the mobile business,"
Sony said in a statement.
"Under the new MRP, the overarching strategy for
the (mobile) segment has been revised to reduce
risk and volatility, and to deliver more stable
profits.
"This revision includes changing the strategy of the
(mobile) segment in certain geographical areas,
concentrating on its premium lineup, and reducing
the number of models in its mid-range line up."