By Daniel Hunter

Sony has forecast a full year loss of 110bn Yen ($1.08bn, £665m) for 2013.

The Japanese technology company had previously forecast a full year profit of 30bn Yen. And despite reporting a 27bn Yen profit for the final quarter of the year, Sony struggled overall in 2013.

Sony also said it is trying to sell its struggling Vaio computer business. Over the past decade, Sony Vaio laptops were the at the forefront of design and innovation in the laptop market. But in recent years it has fallen behind the likes of Apple and Samsung.

The company will also split its TV division into a separate subsidiary, and will cut around 5,000 jobs in an attempt to 'turn around' the companies fortunes.

Overall sales in the final quarter of 2013 rose thanks to a "significant increase in sales of smartphones". The manufacturer was also boosted by sales of the Playstation 4, which was launched in November and improvements in the operations its home entertainment division.

Join us on
Follow @freshbusiness