Hey buddy, can you spare a nickel? Better yet, how about $700 billion? Everyone is feeling the pain these days, even Sony Corporation.
The electronics giant issued a revised earnings report, and the news was not good. Consumer demand is slowing so sales are off. An unfavorable dollar/yen thing (the dollar hit a 13-year low against the yen today) means Sony's products cost more in the U.S. Plus, Sony's investments in Japanese equities have taken a tumble (join the club).
Adding insult to injury, the South Korean won ("won" is their currency, aka, "₩") has weakened by 31% this year, so products from competitors such as Samsung and LG are now cheaper in the U.S. As a result of all that, Sony cut its yearly profit outlook by 38%. In particular, Sony's profit estimates — $2.4 billion in July — have now been cut to $1.5 billion.
According to Forbes magazine, things look bad at Sony, and things may be even worse than they seem . . .