Sony’s failing mobile business is costing the company billions

Sony’s mobile unit is heading for trouble, after the electronics giant cut the unit’s outlook amid falling smartphone sales. Chief executive Kazuo Hirai announced on Tuesday a massive impairment charge of about $1.7 billion. But he said Sony remains committed to the business, keeping it as one of three core Sony divisions, despite slow market growth. In its full year forecast ending March 31, the Japanese giant widened its net loss to $2.15 billion from $466.3 million. The company will not issue a dividend for the first time since it listed in 1958, according to Reuters, quoting Hirai.