Sony warns of 4th annual loss
November 2, 2011
Sony has warned that it is on target to make its fourth annual loss in succession. It unveiled a 27 billion yen ($346m) loss for its second quarter, compared with a profit of 31 billion yen for the same period last year.
The company said the strong yen, floods in Thailand, and weak demand in the US and Europe were all factors. Sony is now projecting an annual net loss of 90 billion yen, compared with its previous forecast of 60 billion yen profit.
The Tokyo-based conglomerate is restructuring its TV operations which have been hit by price falls, an oversupply of panels, and intense competition and innovation in the electronics market.