Sony will cut 5000 jobs and sell its Vaio PC unit in a bid to stem losses.

The Japanese electronics giant today (Thursday) forecast another year of losses in fiscal 2013 through March.

Officials said the job losses would come both at home and overseas.

Sony is projecting about 14-billion dollars in restructuring costs in 2013 and 14.

Officials confirmed yesterday’s news that Sony would sell its Vaio PC unit to investment fund Japan Industrial Partners.

Sony is facing severe competition from low-cost Asian competitors and drooping PC sales amid the smartphone boom.