Sony has announced plans to make cutbacks in both its TV and mobile phone lineups in an attempt to reduce the company's losses (they have been bleeding money during six of the last seven years), according to Reuters. Sony also has no plans to renew its sponsor contract with FIFA soccer next year as they look to turn things around.
The company's aim is now to get back in the black, even if it means losing some of their market share. Sony is, however, expecting increased revenue from the PlayStation 4 and via the image sensor business (used in, amongst other things, iPhones).
Hiroki Totoki from the company says:"We're not aiming for size or market share but better profits."
The plan to start dropping parts of their portfolio gave the company's shares a 6% boost today. However, there is still a lot of uncertainty, and Global Panorama recently suggested that Sony's losses might already be unrecoverable, and Ichiyoshi Asset Management chief fund manager Akino Mitsushige said:
"There's a lot of expectation for Sony now, but nothing is sure until there are results. Getting out of the mobile market is an option, but they can't do that now, so they will need to make some fundamental changes."