Sony sees massive $6.4 billion annual net loss, its worst ever

Sony has revised its full-year earnings projections for the fiscal year ended March 31st to include a tax hit that will see the company report a record $6.4 billion loss. The net loss will be twice what the consumer electronics giant projected, and it marks Sony’s fourth consecutive annual loss. “There have been several reasons for our poor results,” Sony CFO Masaru Kato told reporters at a briefing Tuesday morning. “We are aiming for a rebound and for this we have made management changes.” Kato cites poor demand and a strong yen among the causes for Sony’s poor results. Reports surfaced earlier this week stating that Sony plans to cut as many as 10,000 jobs in the coming years, or roughly 6% of its workforce, in an effort to cut costs. The company plans to reveal a new strategy on Thursday that CEO Kaz Hirai hopes will turn its struggling business around.

Read [PDF]

blog comments powered by Disqus