Sony shares slide 7% after firm forecasts more losses
Shares in Japanese electronics giant Sony have fallen by as much as 7% after the company forecast its second straight year of losses.
The stock sell-off came after Sony reported a loss of 125bn yen (£732m; $1.3bn) for the year to March due to costs from exiting the PC business.
But what surprised investors was the company's announcement it also expected a loss of 50bn yen this fiscal year.
Sony executives are set to forfeit their bonuses due to the weak results.
The results put renewed pressure on chief executive Kazuo Hirai, who pledged two years ago to return its underperforming electronics business to profit.
The firm has been struggling to turn around its television unit, which has been losing money due to stiff competition from Asian rivals such as Samsung Electronics.