Sony reports record annual loss of $5.7 billion

Sony Reports Record Annual Loss

Sony on Thursday reported a net loss of $3.2 billion in the fourth quarter of 2011 to close its fourth straight year in the red. The electronics and entertainment giant struggled throughout the year, reporting an annual loss of $5.7 billion, the worst in the company’s 66-year history. Sony’s factories and supply chains were plagued by last year’s earthquake and tsunami in Japan as well as massive flooding in Thailand. The company’s annual sales plunged nearly 10% to $81 billion, with shipments of flat-panel TVs, video and digital cameras, game consoles and personal computers falling short of expectations. The Japanese manufacturer’s newly appointed president, Kazuo Hirai, said the company will return to profit in March 2013 thanks to to its growing smartphone and tablet business, as well as a recovery from last year’s natural disasters.

[Via The Associated Press]

Read

blog comments powered by Disqus