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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Vehicle scare in New York ends; no bomb found 2:14am EDT Special Report: Can that guy in Ironman 2 whip IBM in real life? 12 May 2010 Thai troops advance on red shirt protest checkpoint | Video 3:30am EDT Euro near 14-month lows vs. dollar on economic worries 1:52am EDT Playboy raises the bar with 3-D centerfold 11 May 2010 UPDATE 1-Senator says Kagan critical of US Supreme Court 13 May 2010 Oil slumps to 3-month low on demand growth concern | Video 3:17am EDT Euro struggles, stocks fall on EU debt doubts 3:11am EDT UPDATE 2-Vehicle scare in New York ends; no bomb found 2:12am EDT Dolphin, turtle deaths eyed for links to oil spill 13 May 2010 Q+A with Oracle CEO Larry Ellison 13 May 2010 Special Report: Can that guy in Ironman 2 whip IBM in real life? 12 May 2010 TIMELINE-Major offshore accidents in the global oil industry 13 May 2010 Samsung Life gains on debut; likely IPO market peak 12 May 2010 Study shows consistent benefit of early daycare 12:20am EDT UPDATE 1-Senator says Kagan critical of US Supreme Court 13 May 2010 Gulf hotel installs gold-dispensing machine 13 May 2010 Facebook to hold staff meeting on privacy 13 May 2010 FACTBOX-Key political risks to watch in Thailand 13 May 2010 Vehicle scare in New York ends; no bomb found 2:14am EDT Sony shares slide 7 percent after forecast falls short TOKYO Thu May 13, 2010 11:48pm EDT Related News Instant View: Sony sees jump in operating profit Thu, May 13 2010 Men stand behind a logo of Sony Corp at an electronics shop in Tokyo, November 20, 2009. Credit: Reuters/Toru Hanai TOKYO (Reuters) - Sony Corp shares tumbled 7 percent on Friday after its forecast for annual operating profit fell short of analysts' expectations amid unfavorable currency rates and tough competition. Technology | Hot Stocks | Media Sony, which competes with Samsung Electronics Co in TVs and Apple Inc in portable music, projected a fivefold jump in annual profit to 160 billion yen ($1.7 billion), but missed the market consensus by 23 percent. The maker of Cyber-shot digital cameras and Vaio personal computers expects a hit from foreign exchange rates as well as weaker earnings at its finance division, which operates an insurer and an online bank. Fanning investor concerns over its prospects, Sony Chief Financial Officer Nobuyuki Oneda said on Thursday that the potential impact of Greece's debt problems had hardly been factored into its outlook. Greece's sovereign debt crisis has shaken global market confidence and plagued Europe, which accounted for 23 percent of Sony's revenues in the year ended March 31. "The weak outlook would obviously be negative for the short term, but the focus will be on how conservative the company's stance is. Or maybe it is not being conservative, and we will find this out in the coming days," Deutsche Securities analyst Yasuo Nakane said. "But at the same time, the shares should be supported by a flow of news, including from E3 (Electronic Entertainment Expo), and it should be like a seesaw between a positive news flow and the negative factor that the forecast was weak." Sony plans to offer 3D-ready video games in time for its planned launch in June of 3D TVs, and investors and game fans expect the company to unveil its 3D game lineup at the E3 video game trade show next month. The arrival of 3D film and television is expected to play to Sony's strengths given its wide business portfolio that combines both electronics and entertainment, including movie studios, theater-use projectors and professional-grade video cameras. Sony shares were down 6.5 percent at 2,958 yen after falling as much as 7.2 percent, underperforming the Tokyo stock market's electrical machinery index, which lost 2.2 percent. After shedding jobs, shutting factories and cutting procurement costs to better compete with nimbler Asian rivals including Samsung and LG Electronics, it aims to turn its TV operations profitable this year for the first time in seven years. As for its struggling video game business, Sony has managed to cut production costs for the PlayStation 3 below the selling price as of March, enabling it to finally profit on the hardware more than three years after the console was launched. (Reporting by Aiko Hayashi and Sachi Izumi; Editing by Chris Gallagher) Technology Hot Stocks Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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