Andre Yoskowitz
10 Apr 2012 12:48
Sony has forecasted a massive $6.4 billion annual net loss, well above their previous forecast of $3 billion.
The company will have to write off deferred tax credits leading to the loss, which is Sony's fourth in a row.
For the fiscal year ended March 2013, the company says it intends to have a profit of $2.2 billion, a number investors should surely appreciate.
Another Japanese-based titan, Sharp, posted a similar loss for the year this week, $4.67 billion.
New CEO Kaz Hirai has stated publicly that he is willing to take "painful steps" to return the company to profitability and has already announced 10,000 job cuts. The bane of the company is its TV business, which has lost $10 billion alone in the last decade.
Sony will reveal the full results on May 21st.