Monday , 11 December 2017
Breaking News
Home » Business » Sony Reports $5.7 Billion Loss, Fourth Straight Year of Red

Sony Reports $5.7 Billion Loss, Fourth Straight Year of Red

Sony Corporation continues to rack up massive losses. Today the company reported a record annual loss of 457 billion yen($5.7 billion). This is the fourth straight year that Sony has reported a loss.

Sony, the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president.

Sony reports record annual lossThe electronics and entertainment company, which also makes “Spider-Man” movies, reported Thursday a loss of 255 billion yen ($3.2 billion) for the January-March period — its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.

The latest red ink was worse than 1995, which followed Sony’s ambitious but disastrous purchase of Hollywood studio Columbia Pictures.

Sony’s recent troubles were worsened by factory and supplier damage in northeastern Japan, ravaged by the earthquake and tsunami last year. Sony also suffered production disruptions from the flooding in Thailand.

Quarterly sales inched up 1.2 percent on-year to 1.6 trillion yen ($20 billion). Annual sales plunged nearly 10 percent to 6.5 trillion yen ($81 billion), as unit sales slipped in flat-panel TVs, video and digital cameras, game machines and personal computers.

Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung Electronics Co. of South Korea and other Asian rivals.

And consumers are flocking to products from Apple Inc. like the iPhone and iPad instead of Sony gadgets.

A soaring yen that erodes the overseas earnings of Japanese exporters like Sony has also added to the damage.

Sony is aiming for a comeback under Kazuo Hirai, appointed president last month, who has headed the gaming division and built his career in the U.S.

Sony forecast a return to profit for the fiscal year through March 2013 at 30 billion yen ($375 million), banking on the growing smartphone and tablet business, as well as a recovery from last year’s disasters.

Sony is aiming for a comeback under Kazuo Hirai, appointed president last month, who has headed the gaming division and built his career in the U.S.

Sony forecast a return to profit for the fiscal year through March 2013 at 30 billion yen ($375 million), banking on the growing smartphone and tablet business, as well as a recovery from last year’s disasters.

Sony shares, which have lost about half their value over the past year, dipped 1.2 percent to 1,213 yen in Tokyo. Trading ended shortly before earnings were announced.

Related stories:

June is yet Another Weak Month for US Retail Sales
Corporates Abuse Power, says SEBI
Forbes Rich List 2011: Top 20 richest people in the World
Micron CEO Appleton dies in plane crash, Shocks Industry
Rite Aid Posts Quarterly Loss, Again!
U.S Court Rejects Samsung's Request to Lift Ban of Galaxy Tab Sales
Report Says China Manufacturing at 4-month Low!
Bing Now Commands 20 Percent Search Market! Google, Yahoo Declines.