Andre Yoskowitz
2 Nov 2011 14:44
Sees fourth consecutive annual loss.
Sony has announced today that the company will see a $1.2 billion annual loss, compared to the $800 million profit they expected.
Additionally, the company has cut its TV, Blu-ray and PC sales targets due to the floods in Thailand.
TV sales have been lowered to 20 million units from 22 million and the floods will also delay the launch of new cameras, which combined will hurt profit expectations by $320 million.
In an effort to turn-around the struggling TV division, the company will write down the value of some facilities, launch less models and cut marketing expenses over the next two years.
Since 2003, the company has lost a shocking $6.15 billion from its TV division, alone.
Like with all Japanese companies, Sony is struggling with the strong yen, which reached levels not seen since World War II last week and is cutting severely into earnings.