Cookie consent

We use cookies to improve your experience on this website. By continuing to browse our site you agree to our use of cookies. Tell me more | Cookie preferences

Sony expects nearly $3 billion loss

Sony's PlayStation Vita handheld gaming device.

Story highlights

  • Sony cites tough domestic and global financial conditions
  • The company also blames appreciation of the Japanese yen and the flooding in Thailand for losses

Sony expects a full year net loss of US $2.9 billion, citing tough domestic and global financial conditions. The Japanese electronics company says it is forecasting a net loss of 220 billion yen or US $2.9 billion for the fiscal year ending in March 2012. Previously, Sony expected to make 90 billion yen (US $1.2 billion).

Releasing its third quarter earnings, Sony says for the quarter ending in December 2011, it lost 159 billion yen (US $2.06 billion). And for the nine months ending in December 2011, Sony reported a net income loss of 201 billion yen (US $2.5 billion).

Sony cited a number of factors for the deteriorating outlook, like the appreciation of the Japanese yen and the flooding in Thailand.

Sony counts its losses

    Just Watched

    Sony counts its losses

Sony counts its losses 02:38
PLAY VIDEO

The release of the grim financial news came just shortly before the first press conference of the soon to be new head of Sony, Kazuo Hirai, and the outgoing CEO and president Howard Stringer.

      CNN recommends

    • pkg clancy north korea nuclear dreams_00002004.jpg

      As "We are the World" plays, a video shows what looks like a nuclear attack on the U.S. Jim Clancy reports on a bizarre video from North Korea.
    • Photojournalist Alison Wright travelled the world to capture its many faces in her latest book, "Face to Face: Portraits of the Human Spirit."
    • pkg rivers uk football match fixing_00005026.jpg

      Europol claims 380 soccer matches, including top level ones, were fixed - as the scandal widens, CNN's Dan Rivers looks at how it's done.
    • No Eiffel Towers, Statues of Liberties, Mt. Rushmores, Taj Mahals, Aussie koalas or Chairman Maos.

      It's an essential part of any trip, an activity we all take part in. Yet almost none of us are any good at it. Souvenir buying is too often an obligatory slog.