More Losses For Sony After Announcing 15% Job Cuts at Mobile Unit

Shares of Sony tumbled on Thursday making it TheStreet's Move of the Day. In its second consecutive day of losses, the consumer tech company announced plans to cut 15% of its mobile division unit (around 1,000 employees). A day earlier, the Japanese company said it would record an approximate annual net loss of $2.15 billion, largely due to flagging sales of its Xperia range of smartphones. With its mobile business struggling, Sony is reliant on its PlayStation division. The unit raised its profit forecast to 25B Yen, equivalent to around $230 million. Demand for the console was reinvigorated after the release of its next-generation PS4 late last year.