Sony Projects Record $6.4 Billion Loss In 2011, Plans To Cut 10,000 Jobs (VIDEO)

Source: Tim Kelly / Reuters / Huffington Post

TOKYO – Japan’s Sony Corp flagged a record $6.4 billion annual net loss, double an earlier forecast and a fourth straight year of red ink, as it writes off deferred tax credits, heaping more pressure on its new CEO to turn around the electronics giant.

Sony, which plans to axe 10,000 jobs – around 6 percent of its global workforce – according to media reports this week, has been hammered by weak demand for its televisions and overtaken by more innovative gadget rivals such as Apple Inc and Samsung Electronics.

Yet, in a bid to ease investor concerns over its deteriorating bottom line, Sony forecast it would bounce back in the current year to end-March 2013 with an operating profit of 180 billion yen ($2.2 billion).

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  • Pete Dukoski

    It doesn’t surprise me. Sony now produces low-grade TVs and  Disk players. My Sony XBR9 52″ screen was never right and burned out after 22 months. Sony wouldn’t do anything. I purchased a new TV produced by another company. I hope Sony goes down the tubes. When the Apple TV hits the market, Sony and others are done.