Sony to report $3.2 billion annual loss


Sony Corp. is expecting an annual loss of $3.2 billion, reversing its earlier projection of a return to profit, as the electronics giant struggles with production disruptions from Japan’s tsunami and a hacker attack on its online gaming service, the Associated Press reports. The Japanese maker of PlayStation 3 video game machines and Bravia flat-panel TVs said on May 23 that the projection of a 260 billion yen ($3.2 billion) net loss for the fiscal year ended March 2011 was largely due to writing off 360 billion yen ($4.4 billion) related to a tax credit booked in a previous quarter. Like many other Japanese manufacturers, Sony has been hampered by the production disruptions set off by the March 11 earthquake and tsunami that killed more than 25,000 people, destroyed many factories and sent the nation’s economic recovery into reverse…

Click here for the full story

Sign up for our newsletter

Newsletter: Innovations in K12 Education
By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

Oops! We could not locate your form.

Sign up for our newsletter

Newsletter: Innovations in K12 Education
By submitting your information, you agree to our Terms & Conditions and Privacy Policy.