Shares in Sony fell 12% as the company announced that losses for the year to March would add up to $2.14 billion, more than four times the previous estimate earlier this year.

The company said that its loss-making mobile division was partly to blame, having been hit by competition from Apple and Samsung.

As part of a major overhaul to stem losses, the company has in recent times sold off parts of its business and made sweeping redundancies.

Sony added that it would not be paying a full-year dividend for the first time.