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 $2.1 billion net loss for October-December, normally a strong quarter boosted by year-end holiday sales, as it battled a strong yen, flooding in Thailand that ruptured supply chains, and a weak economy.
It also took a one-off charge for exiting a flat panel joint venture with Samsung, and said sales dropped 17 percent to 1.82 trillion yen.
The forecast for a 220 billion yen ($2.9 billion) net loss for the year to March, Sony’s fourth straight year of red ink, was close to double what the market expected, and revealed the task ahead for Hirai, who replaces Howard Stringer as CEO in
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