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    Sony's Annual Loss to Hit $2.9 Billion

    By Todd Wasserman | Mashable – Thu, Feb 2, 2012

    Sony's slump continued on Thursday as the company raised its loss forecast for fiscal 2011 to $2.9 billion, more than double what had previously been suggested.

    In an announcement outlining its fiscal 2011 third-quarter results (the company's fiscal year runs April to April), the company blamed the floods in Thailand, unfavorable foreign exchange rates and a failed venture with Samsung for its woes.

    [More from Mashable: Today’s Top Stories: Facebook IPO, Kazuo Hirai New Sony CEO, MegaRetrieval]

    Third-quarter revenues also fell 17.4%. Almost all of Sony's business units fared worse in the nine months ended Dec. 31, 2011 than in the comparable period in 2010. Among the poor performers: televisions (down 28.4% in sales), home audio and video (-14.8%) and digital imaging (-24.7%). Sales for PlayStation 3 also suffered after the company initiated a price cut last August from $300 to $250 for the entry-level 160 GB model.

    The company made no further mention of PS3 in its Q3 earnings statement. However, the company's image took a huge hit last April after hackers took down the online PlayStation Network, compromising credit card data for some 77 million users.

    [More from Mashable: Sony to Upgrade Tablets and Xperia Smartphones to Android 4.0 This Spring]

    Attempting a turnaround, Sony announced on Wednesday that it was replacing longtime CEO and president Howard Stringer with Kazuo Hirai, former executive deputy president and head of the company’s Consumer Products & Services Group, a position he’s held since April 2011. Previous to that he served in various leadership roles at Sony Computer Entertainment, which runs the PlayStation product line, and he’s been with the company since 1984. He’s been widely credited with turning Sony’s PlayStation platform into a success, particularly in the U.S. market.

    In a news conference held on Thursday in Japan, Hirai said that -- despite slack sales -- TVs will remain a big part of Sony's business going forward. “Televisions are important as an output device,” Hirai said, according to a report in Bloomberg. Hirai said “withdrawing or shrinking would cut a link for customers to experience” Sony's content.

    Image courtesy of iStockphoto, Andrew J. Shearer

    This story originally published on Mashable here.

     

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