April 10, 2012 by Stan Schroeder
Doubling its previous estimate of a $2.9 billion loss for the fiscal 2011, Sony now forecasts a record $6.4 billion loss.The additional losses are “primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S,” Sony claims.
The news comes hot on the heels of yesterday’s reports that the troubled Japanese consumer electronics giants plans to cut 10,000 jobs, about 6 percent of its global workforce.
These reports might get confirmed on April 12, when Sony president and CEO Kazuo Hirai is set to brief the company’s business plan. The company will present its annual results on May 21.
The restructuring should bring Sony back into the positive in a year’s time. Sony forecasts its consolidated income for the fiscal year ending March 31, 2013 will be approximately 180 billion yen ($2.2 billion).
Source: http://mashable.com/2012/04/10/sony-6-4-billion-net-loss/
