The giant consumer electronics company Sony has cut its forecast for annual operating profits by 57%, blaming a stronger yen and tough price competition.
Operating profits are now expected to be 200 billion yen ($US2 billion) for the year to March 2009, down from an earlier forecast of 470 billion yen.
For the three months to end-September, it reported net income of 21 billion yen, down from 73.7 billion yen a year earlier.
Japanese exports have been hit by a stronger yen and an economic slowdown in the United States.
Sony has also been bruised by price competition in the LCD, digital camera and camcorder market.
The company said that annual net profits were now expected to be 150 billion yen, down from an earlier estimate of 240 billion yen.
