Weak outlook stings Sony

• Sony (NYSE:SNE) is lower by 5.1% in premarket action after reporting a net loss of ¥138B (¥93,2B profit a year ago) in FQ4 on sales of ¥1,870.9B (+8.1% Y/Y), and guiding to a net loss of ¥50B for the full fiscal year ending next March.
• It will be narrower than the ¥128.7B loss reported for this fiscal year, but weaker than analyst estimates for a profit of ¥59B. The news isn't completely unexpected as Sony has repeatedly lowered guidance in recent weeks.
• The culprit looks to be continued restructuring costs stemming from the sale of the PC business and "other strategic initiatives." Bright spots: 50M smartphone sales are expected, up from 39M; PS4 sales forecast of 17M is up from 14.6M.
• Press Release