Shares in Japanese electronics giant Sony plunged as much as 11 per cent on the Tokyo Stock Exchange after the firm cut its profit forecast. The firm lowered its full-year profit forecast by 40 per cent Thursday as it reported a loss for the July-to-September quarter.
Sony has been hurt by slowing demand and falling prices for key products such as TVs and game consoles. Its cinema division was also hurt during the quarter by some flops.
The firm now expects to make a net profit of 30 billion yen in the financial year to March 31 2014, down from its earlier forecast of 50 billion yen.
The cut came as the firm said its loss in the three months to the end of September widened 25 per cent from a year ago to 19.3 billion yen.
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