Sony Cuts Profit Target
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Sony Corp. on Thursday cut its operating  profit estimate for this business year by 31 percent, citing  sharply falling prices of televisions, DVD recorders and other  key products, and weak demand for chips.
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By Kyodo News International, Tokyo  Feb. 13--TOKYO -- Sony Corp. said Tuesday it will sharply reduce capital  expenditures for its semiconductor operations over the next three years as  part of its efforts to focus on money-making products.
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Its proprietary audio technology was a flop, says Sony, as it announces at a Berlin consumer electronics trade fair it will shutter its Connect digital music store and open its portable media players to other formats.
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Sony Corp. slashed the planned price of its delay-hit PlayStation 3 by one-fifth in Japan, preparing for a fierce fight against cheaper games consoles from rivals Microsoft and Nintendo.
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Sony Corp. (6758.T) said on Thursday it  has no plans to change its targets for shipments of its  hot-selling PlayStation 3 and operating profit margin,  signaling its recovery is on track despite drawbacks such as  battery recalls.
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Coca-Cola yesterday sharply reduced its long-term profit and sales targets, reflecting the entrenched slump that the world&#39;s largest soft drinks firm has found itself in.
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Texas Instruments Inc. cut third-quarter revenue expectations Wednesday but narrowed its profit forecast to the upper end of previous guidance.
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Best Buy Co., the nation's largest consumer electronics retailer, lowered its 2008 profit estimate yesterday. It blamed a softening economy that's steering shoppers away from high-margin items such as flat-screen TVs.
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Mobile phone maker Sony Ericsson Mobile Communications AB said on Wednesday fourth-quarter profit fell almost 17 percent as higher costs more than offset the effect of a rise in shipments.
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Sony catches the technology industry off-guard by slashing $100 off the price of its new Blu-ray player.
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Japanese electronics conglomerate Sony  Corp. posted a 13 percent drop in quarterly profit on Thursday  due to sliding prices of TVs, DVD recorders and video cameras,  compounded by its failure to overtake Apple Computer's iPod in  the portable audio market.
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Sony Corp  swung to a quarterly operating profit as it booked strong sales of liquid crystal display TVs and digital cameras and benefited from a weaker yen, and it raised its full-year forecast by 2 percent.
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Sony Corp (6758.T), maker of PlayStation  game gear and Vaio PCs, posted a small rise in quarterly  operating profit and cut its outlook as weaker markets ate into  its investments and a firmer yen hurt overseas sales.
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Japanese shares fell for a fourth  straight session on Friday after consumer electronics firm Sony  Corp. said its profit would fall, dragging down rival makers of  digital products like Pioneer Corp.
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The Nikkei lost 1 percent on Thursday as  stocks such as Matsushita Electric Industrial Co. fell after  disappointing earnings at U.S. firms, while Sony Corp. issued a  profit warning after the close.
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The Sony Corporation warned that sales and profit would probably fall short of its forecasts because of declining prices for DVD recorders and video cameras.
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Sony Corp.  plans to lower the production cost of its PlayStation 3 (PS3) game consoles by using less expensive chips, aiming to turn the operations profitable between September and next March, the Nikkei business daily reported on Friday.