Sony headed for fourth straight year in the red

Nov 02, 2011 By YURI KAGEYAMA , AP Business Writer

(AP) -- Sony reported a 27 billion yen ($346 million) loss for the latest quarter and downgraded its annual earnings forecast Wednesday to stay in the red for the fourth year straight, battered by the strong yen and poor sales of flat panel TVs.

The Japanese electronics and entertainment conglomerate is now projecting a 90 billion yen loss ($1.2 billion) for the fiscal year through March 2012 after earlier forecasting a profit of 60 billion yen ($769 million).

. said the strong yen and lower sales, especially in TVs, hurt July-September results. It also suffered production disruptions from the recent floods in Thailand, which came on top of the supply problems from the March tsunami disaster in northeastern Japan.

Sony's TV operations have lost money for the past seven years straight amid price plunges, an oversupply of panels and intense competition.

The company has also suffered a blow to its reputation because of a massive online around the world earlier this year, affecting more than 100 million online accounts.

Analysts say the maker of Bravia TVs and Walkman players needs to restore its reputation for innovative gadgets as U.S. rival Apple Inc. powers ahead with its iPod, and iPhone.

Sony had a loss of 260 billion yen in its previous fiscal year.

Explore further: US newspaper industry revenue fell 2.6 pct in 2013

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Sony to report $3.2 billion annual loss

May 23, 2011

(AP) -- Sony Corp. is expecting an annual loss of $3.2 billion, reversing its earlier projection of a return to profit, as the electronics giant struggles with production disruptions from Japan's tsunami ...

Panasonic reports loss, plans to cut 17,000 jobs

Apr 28, 2011

(AP) -- Panasonic Corp., Japan's biggest home appliance maker, is cutting about 17,000 jobs worldwide over two years as its losses swell from restructuring costs and damage from the March 11 disasters.

Sharp annual profit more than quadruples

Apr 27, 2011

(AP) -- Sharp said its annual profit more than quadrupled due to brisk demand for liquid crystal display screens but warned the earthquake and tsunami that hit Japan last month will have a "broad" impact on its business.

Sony rebounds to profit in April-June quarter

Jul 29, 2010

(AP) -- Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions.

Recommended for you

US venture investments highest since 2001 (Update)

20 hours ago

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

Weibo IPO below expectations, raises $285.6 mn

Apr 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

User comments : 0

More news stories

LinkedIn membership hits 300 million

The career-focused social network LinkedIn announced Friday it has 300 million members, with more than half the total outside the United States.

Researchers uncover likely creator of Bitcoin

The primary author of the celebrated Bitcoin paper, and therefore probable creator of Bitcoin, is most likely Nick Szabo, a blogger and former George Washington University law professor, according to students ...

Impact glass stores biodata for millions of years

(Phys.org) —Bits of plant life encapsulated in molten glass by asteroid and comet impacts millions of years ago give geologists information about climate and life forms on the ancient Earth. Scientists ...