Sony Corp. drastically lowered profit and sales forecasts for the business year Thursday, blaming deteriorating sales of flat-panel TVs and other gadgets battered by a global slowdown.
The latest numbers would mean Sony's profit for the business year ending next March is set to plunge 59 percent from the previous year.
Tokyo-based Sony now expects a ¥150 billion profit for the year ending in March 2009, and cited recently unfavorable exchange rates as another big reason for the faltering results.