“TOKYO (Reuters) - Sony Corp <6758.T> slashed its forecast for 2012/13 operating profit and lowered its sales expectations for key products including its handheld PSP and PS Vita devices as new boss Kazuo Hirai battles to revive the fortunes of the electronics giant.

Sony said April-June operating profit fell a much steeper-than-expected 77 percent to 6.28 billion yen ($80 million) compared with a year earlier, blaming a strong yen and weak economies. Analysts had penciled in a 36 percent fall.

Rival Sharp Corp <6753.T> announced a 94 billion yen operating loss ($1.2 billion) for the June quarter and plans its first job cuts in more than 60 years as Japan’s electronics industry scrambles to keep up with foreign competitors.”

Full article