The company said it expects a net loss of
It also swung to a loss of
The results put pressure on chief executive
The firm has been struggling to turn around its television unit, which has been losing money due to stiff competition from Asian rivals such as
Three profit warnings were issued in the past year, and
As part of its restructuring, the firm exited the PC business by selling off its Vaio brand to
The company also announced 5,000 job cuts and has sold off other assets such as its US headquarters and its stake in Japanese satellite broadcaster
In previous years the restructuring was mostly within business units and in manufacturing," he said. This time the difference is that we are quitting businesses entirely."
The company plans to spend an additional
Last year, the company also came under pressure from activist shareholders to partially spin off its entertainment division, which has released movies such as Oscar winner American Hustle".
The company is also exploring the possible launch of an internet-based pay television service in the US.
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