TOKYO |
TOKYO (Reuters) – Ailing Japanese electronics giant Sony Corp warned it was heading for a bigger-than-expected $2.9 billion annual loss, presenting a daunting task for incoming CEO Kazuo Hirai, who vowed to move quickly to turn things around.
Overtaken by more innovative rivals such as Apple Inc and Samsung Electronics over the past decade, Sony posted a disappointing $1.2 billion operating loss for October-December, normally a lucrative quarter with the Christmas and year-end sales, as it battled a strong yen and flooding in Thailand that ruptured supplies and a weak economy.
The company’s forecast for a 220 billion yen ($2.9 billion) loss for the year to March, its fourth straight year of red ink, was close to double what the market had expected, and revealed the task ahead for Hirai, who takes over as CEO in April.
“It won’t be easy for Sony to regain its lost ground under new leadership, as its overall competitiveness has sharply weakened,” said
Read More from the Article Source: Full Article
