Sony losses as TV sales slump

Japan’s biggest consumer electronics exporter, Sony Corporation, unexpectedly posted its seventh straight quarterly loss on falling demand as consumers flocked to Apple and Samsung devices.

The second-quarter net loss was ¥15.5 billion. The company kept its estimate to report its first annual profit in five years.

Sony is cutting 10,000 jobs and selling assets to revive growth. “The operating environment for Sony continued to be severe primarily due to a slowing of the global economy,” Sony said in the statement.

Sony cut its annual TV sales target to 14.5 million units from 15.5 million units but is expected to turn to profit in the next fiscal year.

Analysts believe that economic problems are impacting on consumer electronic sales, particularly when smartphones have so much capability to watch TV and video on the go.