Bloomberg: Sony Cuts Operating Profit, Sales Outlook
Sony Corp., the world's second-largest consumer electronics maker, cut its full-year operating profit and sales targets as prices of digital products fell. A tax gain prompted the company to raise its net income forecast. Operating profit, or sales minus the cost of goods sold and administrative expenses, will probably total 110 billion yen ($1.07 billion) in the 12 months to March 31, 2005, almost a third less than its earlier forecast of 160 billion yen, the company said in a statement to the Tokyo Stock Exchange...Sony cut its full-year sales estimate 2.7 percent to 7.15 trillion yen, from an earlier 7.35 trillion yen forecast.
