Sony ‘will be unprofitable until 2015′

<p>Sony has confirmed it is moving out of the PC market.</p>

The share price of Japanese electronics company Sony rose yesterday (May 13th) despite the firm revealing it is likely to remain unprofitable until 2015.

Sony has officially left the PC market and the firm said this means it is going to be unable to turn a profit for the next two years.

Chief financial officer Kenichiro Yoshida explained a further restructuring of the company will take place in the next 12 months.

"We'll make this a year of biting the bullet on restructuring," he was quoted as saying by Reuters. "In previous years the restructuring was mostly within business units and in manufacturing. This time the difference is that we are quitting businesses entirely."

A 50 billion yen (£291 million) net loss is now being predicted by Sony for the 2014/15 financial year. This would be the company's sixth loss in the last seven years.

Sony's share price rose by more than one per cent on the New York Stock Exchange yesterday.

Learn about the Asian markets and CFD trading at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.