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Expected Sony, Toshiba losses rock Japanese CE market
Two giants of Japan's consumer electronics industry are expected to announce annual losses for the first time in many years.
Sony, maker of the industry-changing Walkman music player and the PlayStation series of video game consoles, is expected to announce a US$1.1 billion loss for the 2009 fiscal year that ends 31 March. If expectation becomes reality, it will be Sony's first annual loss in 14 years.
Toshiba, maker of flat-screen televisions, laptops and digital video recorders, is expected to announce a $2.2 billion annual loss for the 2009 fiscal year that ends 31 March. The annual loss would be Toshiba's first in seven years.
Sony acknowledged that stories on its expectations were circulating in the press but otherwise offered no official comment.
The company's stock was down 4.2% to $22.13 per share in late-day trading on Tuesday.
Both Sony and Toshiba will announce their third-quarter results on 29 January.
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