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Sony shares fall following $6.4B fiscal year loss forecast

Sony's share price dropped by more than 7 percent today, following the news that the company has revised its 2011 fiscal year forecast to project losses of ¥520 billion ($6.4 billion).
Sony's share price dropped by more than 7 percent today, following the news that the company has revised its 2011 fiscal year forecast to project losses of ¥520 billion ($6.4 billion). The company had originally forecast losses for the full fiscal year ended March 31, 2012, of ¥220 billion ($2.7 billion) back in February. However, it has now more than doubled that initial projection, in part down to additional tax expenses which it said are "due to the establishment of valuation allowances against certain deferred tax assets." The PlayStation 3 price drop last year played a large part in Sony's losses for the year, contributing to losses in both the second and third quarters for the company. Sony is also reportedly planning to cut around 10,000 jobs from its workforce as a result of the significant losses -- around 6 percent of its total workforce -- according to Japan's Nikkei newspaper.

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