Sony Slashes Profit Forecast, Blames Poor Smartphone Performance

Sony has had to change its financial forecast for the fiscal year thanks to its struggling line of smartphones.

Rather than anticipating a profit of $1.2 billion, the company now expects to suffer a loss of loss of $466 million. As such, Sony has slashed its forecast by a whopping $1.7 billion.

In a note to investors, the PlayStation manufacturer explained that it plans to cut down on the number of mid-range phones and focus primarily on its high-end line. In addition, Sony plans to re-examine its mobile strategy within certain regions around the globe.

Fortunately, the PlayStation brand is doing incredibly well for the company, with PS4 now enjoying its eighth consecutive month as the best-selling console. That's no small feat. Oh, and in case you forgot, worldwide sales have already surpassed 10 million.

[Via GamesIndustry]