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| Sony Predicts Record-Breaking U$S 6.4 Billion Net Loss |
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Sony announced a record $6.4 billion annual net loss forecast for the fiscal year ended on March 31, 2012.
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Following its previous results predictions for the fiscal year ended March 31, 2012 -announced back in February-, the company has since revised it and released a new forecast, in which a staggering U$S 6.4 billion annual net loss is predicted.
The company stated taxes are the main reason behind this incredible loss. As stated in the report: "Sony expects to record an aggregate additional charge of approximately 300 billion yen in tax expense primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S."
This recent announcement is the latest addition to a list of setbacks the company has recently experienced, following the 10,000 jobs it will reportedly cut from its workforce and a downfall in its electronics' sales. The bad economic climate and the increase in competition from other major tech companies in the country only add fuel to the fire.
Sony's recently appointed CEO, Kazuo Hirai, must now take the necessary steps to improve the company's current situation. He certainly has his work cut out for him.
Yet, the company still has high hopes for the upcoming year's results, stating it will return to positive operating results, and income for the fiscal year ending March 31, 2013 will be an estimated 180 billion yen.
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