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Sony Projects Record Losses of $6.4 Billion

redletterdave (2493036) writes | more than 2 years ago

Businesses 0

redletterdave writes "Not 24 hours after Sony announced it would slash about 10,000 jobs by the end of the year, the Japanese electronics maker announced on Tuesday that it has again doubled its annual net loss to a record $6.4 billion. The new annual estimate is Sony's fourth revision of its original forecast. The company had already more than doubled its loss forecast for fiscal 2011 on April 5 to $2.9 billion, blaming floods in Thailand, poor foreign exchange rates and a failed partnership with Samsung, the world's No. 1 maker of TVs and flat screens. Kazuo Hirai, the company's new president and CEO hired 10 days ago, will take "painful steps" to revive Sony, and will unveil a "revival strategy" at a Thursday press briefing."
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