Sony slashes profit forecast again, raising pressure on CEO

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    Technology News

    A shopper looks at Sony Corp's Vaio PCs at an electronics retail store in TokyoBy Sophie Knight TOKYO (Reuters) – Sony Corp slashed its earnings guidance for the third time in a year on Thursday to barely 10 percent of its initial outlook as further losses from its PC exit cast a pall over its struggling electronics division. The steep cut marks the failure of chief executive Kazuo Hirai to fulfill promises he made upon taking the helm of the electronics giant two years ago to push electronics into the black and casts further doubt over his financial management after five cuts to earnings guidance during his term. The repeated misses – the latest just two weeks before Sony announces full-year results – are fuelling anger among investors even as Hirai rebuffs billionaire hedge fund manager Daniel Loeb's proposal to spin off Sony's profitable entertainment business. “To be honest, I really wonder if he's got a grip on what's going on with all his businesses,” said Yasuo Sakuma, a portfolio manager at Bayview Asset Management in Tokyo, who does not own Sony shares.

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