Sony losses hit all-time high
10th May 2012 | 09:13
But reckons it'll be back to profit this year
Sony made its biggest ever loss in the last financial year as the fallout from several natural disasters took their toll on the company.
Its net loss for the year was 456.7 billion yen ($5.7bn, £3.5bn) which is almost double the amount it lost the year before (259.6 billion yen).
Production suffered after the Japanese earthquake and tsunami in early 2011, followed swiftly by flooding in Thailand that also affected Sony's factories.
Strength in numbers
The strong yen didn't help matters either, meaning that its products cost foreign buyers more.
Sony may be down but it's not out – with a new CEO at the helm, job cuts coming and a strategy that focuses on smartphones and cuts down the unprofitable TV side of the business, Sony reckons it will be back to profitability this financial year.
The company has estimated that it will sell 33 million smartphones, contributing to its forecasted profit of 30 billion yen for the current year.