UPDATE: Sony Posts Quarterly Loss, Projects Annual Net Loss

Sony

posted a loss in the recent quarter. Sony swung to a quarterly loss of 138 billion yen ($1.3 billion). For the fiscal year through March 2014, the company also posted a loss of 128.4 billion yen ($1.3 billion), versus a year-ago loss of 41.5 billion yen. The company earlier expected a loss of 130 billion yen. Sony expects a loss of 50 billion yen ($490 million) for the year ending March 2015, while it projects PC-related losses of 80 billion yen ($784 million) for this fiscal year, versus a loss of 92 billion yen ($900 million) in the fiscal year ended March 2014. Sony also announced its plans to spend 135 billion yen in this financial year on restructuring, versus 177.4 billion yen in the earlier year. Sony shares dropped 5.05% to $16.75 in pre-market trading.