Sony’s net loss at $6.4 bn
Reuters: Tokyo, Apr 11 2012, 01:01 IST
Japan’s Sony Corp flagged a record $6.4 billion annual net loss, double an earlier forecast and a fourth straight year of red ink, as it writes off deferred tax credits, heaping more pressure on its new CEO to turn around the electronics giant.
Sony, which plans to axe 10,000 jobs — around 6 percent of its global workforce — has been hammered by weak demand for its televisions and overtaken by more innovative gadget rivals such as Apple and Samsung Electronics.
Kazuo Hirai, who took over as Sony’s CEO this month, has said he is prepared to take “painful steps” including withdrawing from uncompetitive businesses.
Yet, in a bid to ease investor concerns, Sony has forecast it would bounce back in the current year with an operating profit of $2.2 billion.
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