SONY yesterday said it would fall to its fourth consecutive annual loss, with its TV unit alone expected to haemorrhage $2.2bn (£1.38bn). The struggling electronics giant was forced to cut its sales forecast for TVs, cameras and DVD players and said it is now on track to post losses of $1.1bn for the full year. The sombre outlook, which follows a quarterly operating loss of $1.6bn, heaped pressure on Welsh-born chief executive Howard Stringer. Analysts were shocked by the loss, with average forecasts predicting a $500m profit. Sony shares have now fallen by almost half in the last year, with the Japanese earthquake, soaring yen, faltering global economy and security breaches in its PlayStation business all taking their toll. It is the latest in a lengthening list of Japanese firms that have posted poor quarterly results.
Wednesday 2 November 2011 8:42 pm
Sony says it will fall to its fourth consecutive loss