Sony forecasts that it will lose nearly $491 million this fiscal year after losing $831 million in the past two years. CEO Kazuo Hirai apologized to shareholders for the string of losses. "We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay," he said at Sony's annual meeting. Hirai also said the company was not planning to spin off its entertainment business with a separate stock listing.
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