Shares of Sony fell sharply Wednesday morning after the Japanese electronics company said it will likely lose $2.15 billion for the fiscal year.
It had initially forecast $488 million in losses through through March of 2015, but had to revise those projections due to problems in its mobile phones division.
Investors did not take the news well, sending share prices plunging in pre-market trading by 10%. As of 11:15 a.m., the company’s stock had climbed back slightly. It was down 6.22% to $18.99 having closed the previous day at $20.25.
Sony’s most profitable smartphone division faces declining sales amid increased competition from Apple, Samsung and other manufacturers. It has also struggled to boost sales in its TV set manufacturing and PC businesses.
The latest revision to its forecast marks the sixth time that Sony CEO Kazuo Hirai has had to push projections downward since taking the reins in 2012.