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Logging out of PCs, Sony crashes to $1.3 billion loss

Sony Corporation sank to a 138 billion yen ($1.3 billion) quarterly loss because of expenses related to exiting the personal computer business.
The Tokyo-based maker of the PlayStation 4 game machine, Bravia TV and Walkman digital player also reported on Wednesday a loss of 128.4 billion yen ($1.3 billion) for the fiscal year through March 2014.It had recorded a 41.5 billion yen profit the previous fiscal year.
For January-March last year, Sony had reported a 93 billion yen profit.

Earlier this month, Sony acknowledged it would end up with more red ink for the fiscal year than it had earlier forecast because of costs related to its Vaio PC operations and a drop in the value of its overseas disk manufacturing business. Sony said it would spend 135 billion yen ($1.32 billion) on restructuring in the year to 31 March, adding to the 177.4 billion
 yen it spent in the previous year, as it sells off its loss-making Vaio PC
and disc storage businesses. It forecast those costs will push it into a 50 billion yen net loss for the 2014/15
financial year, its sixth loss in seven years.

 Combined, these losses amount to nearly 1 trillion yen. ‘We’ll make this a year of biting the bullet on restructuring,’ Chief Financial Officer Kenichiro Yoshida told an earnings briefing. ‘I’d like to finish restructuring this year.’
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