AKIPRESS.COM - Sony's shares fell by 12% at the start of trading in Tokyo, after it predicted bigger losses for this year, reports BBC.

Shares fell to 1,865.5 yen ($17; £10.5) apiece, after it warned losses for the full year to March would amount to $2.14bn.

That's more than four times the previous estimate earlier this year.

Sony cited its struggling mobile business, which has been losing money due to competition from global rivals such as Apple and Samsung.

The company's high-end Xperia smartphones have not sold well in China and the US because of local competition and limited distribution.

It issued the profit warning late on Wednesday, after the close of the Japanese markets.

Sony also said it would not pay a year-end dividend for the first time.