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Sony is forecasting an annual loss of around $1.1 billion for the year after previously projecting a 30 billion yen profit.  Sony plans to sell its PC business (and VAIO brand) to Japan Industrial Partners (JIP) by the end of March 2014. Sony CEO and President Kaz Harai says there are no plans to sell the television division. Instead, the company will split its TV arm into a standalone company by June 2014.  After unveiling the restructuring plan on Thursday, they announced that they will be cutting 5,000 jobs and trimming 100 billion yen ($988 million) from fixed costs.

Speaking with Bloomberg, Advanced Research Japan Co. analyst Masahiko Ishino says, “The reform announced today comes far too late. Sony cannot take measures ahead of changes in market deterioration. There isn’t much hope to revive the electronics business overall.”

Believe it or not, there was still some positive news to be shared. Thanks to the PlayStation 4, Sony’s gaming division saw a 64.4 percent boost in sales over last year.  Their mobile products and communications division also saw a revenue increase of 44.8 percent year-on year due to an increase in smartphone sales.

Source: Engadget, The Verge