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: Two more former Sony workers sue over data breach

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

Two more former Sony workers sue over data breach

3 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

4 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

'Interview' ordeal at Sony just its latest crisis

7 hours ago

How do you say "damage control" in Japanese? Sony Corp. is sealed within a hermetic cone of silence as executives try to prevent the slow motion train wreck at Sony Pictures from damaging the rest of the ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.