Sony ( SNE) lowered its fiscal-year forecasts Thursday, saying it expects net income to fall 59% from a year earlier as sales of products such as LCD televisions, compact digital cameras and video cameras were hurt by a slowing global economy and an intensification of price competition.

Sony said it now expects earnings for the fiscal year ending in March 2009 of 150 billion yen ($1.5 billion). Sony had previously expected fiscal-year profit of 240 billion yen.

The Japanese company also blamed the rise in the yen for its reduced outlook and weaker-than-expected results in financial services brought on by declines in the Japanese stock market.

Sony also lowered its sales forecast to 9 trillion yen ($92 billion) from a previous forecast of 9.2 trillion yen.

More from Technology

These 5 Tech Giants Still Aren't That Expensive

These 5 Tech Giants Still Aren't That Expensive

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In