Sony Posts $2.09 Billion Net Loss


TOKYO: Sony reported a 159 billion yen ($2.09 billion) net loss for the third quarter ended December 31, 2011, compared to a profit of 72.3 billion yen ($950 million) in the same period the year prior, with the company expecting an even greater loss of 220 billion yen ($2.9 billion) for the fiscal year ending in March.

Sony said the loss is primarily due to the impact of the floods in Thailand, deterioration in market conditions in developed countries and unfavorable foreign exchange rates. The company has now more than doubled its projected loss for the full fiscal year, which will be its fourth below the red. It now expects revenue of 6.4 trillion yen ($84 billion), down from 6.5 trillion yen ($85 billion) previously.

The news as just yesterday it was announced that Kazuo Hirai will be succeeding Howard Stringer in the president and CEO role at Sony.