Sony, Sharp Losing $11 Billion Leaves Investors Let Down
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Sony Corp. and Sharp Corp. posted losses that together equaled 900 billion yen ($11 billion) as the first decline in global TV shipments in six years and a stronger yen eroded earnings at Japan’s biggest LCD TV makers.
Sony had a record loss of 520 billion yen for the year ended March 31, more than twice what it had predicted in February, after taking a charge to write down deferred tax assets. The stock fell the most in five months in Tokyo trading. Sharp also declined after posting a record loss of 380 billion yen, 31 percent more than its earlier forecast.