Sony to reduce revenue forecast

Sony has announced that its annual profits will be far below what the investors expected.

The Japanese electronics and entertainment giant announced it expects to record $1.5 billion (150 billion yen) in profit for the current fiscal year.

This means a 59 percent drop compared to the year before. In July this year, Sony said it anticipated profits of $2.4 billion, or 240 billion yen.

Two of the main culprits have been increasing competition in the LCD television market and the unfavorable yen-to-dollar conversion rate.