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Sony Adds $200m In Expected losses
It seems things aren’t going as planned for the Japanese giant, as Sony has revised its expected losses at the end of its fiscal year, saying it’ll lose $200m more than it initially expected.
Games Industry reports that Sony is predicting a net loss of ¥130 billion / $1.27 billion, a contrast with what it first reported back in February with losses of ¥110 billion / $1.07 billion. Just last year, the company expected a ¥50 billion / $489 million profit.
Sony pits the blame on several things, including its decision to sell off its PC business, with sales being lower than first anticipated.
A Sony statement reads, “Consequently, Sony expects to record write-downs for excess components in inventory and accrual of expenses to compensate suppliers for unused components ordered for Sony’s spring PC lineup.
“In addition, certain restructuring charges are expected to be recorded ahead of schedule. As a result of these factors, an additional total amount of approximately ¥30 billion in expenses is anticipated to be recorded in the fiscal year ended March 31, 2014.”
For all of the company’s problems, its PlayStation division is doing quite well. Sony’s flagship console, PlayStation 4, has sold 7 million units in just 5 months, and is on track to become the industry’s biggest selling game console.