Sony taking a big loss for the year as smartphones lag

Sony saw a turn down in its share price after announcing that it was looking at a year loss of $2.12bn as its smartphone business suffers in comparison to Apple and Samsung.

It gave multiple googily gook reasons for the turn down. In July, Sony had said it thought that the year’s net losses would be closer to $460m. The company said the new forecast was the result of an impairment charge of around $1.6bn in its mobile communications division after a revision of its mid-range plan (MRP).

Got that? Here's more: “The previous MRP was focused principally on achieving significant sales growth. The new MRP was modified to address the significant change in the market and competitive environment of the mobile business."

“Under the new MRP, the overarching strategy for the MC segment has been revised to reduce risk and volatility, and to deliver more stable profits. This revision includes changing the strategy of the MC segment in certain geographical areas, concentrating on its premium line-up, and reducing the number of models in its mid-range line-up.”