Sony Bumps Up Projected Annual Net Loss to Record $6.4B - East Idaho News
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Sony Bumps Up Projected Annual Net Loss to Record $6.4B

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Getty B 052511 SonyLogos?  SQUARESPACE CACHEVERSION=1334057771459AFP/AFP/Getty Images(TOKYO) — Sony revised its forecast for its 2011 fiscal year on Tuesday, projecting a record annual net loss of 520 billion yen, or $6.4 billion.

That’s more than double the 220 billion yen the Japanese electronics giant had estimated in February.

In a statement, the company said it “expects to record an aggregate additional charge of approximately 300 billion yen in tax expense in the fourth quarter of the fiscal year ended March 31, 2012, primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S.”

[CLICK HERE TO SEE THE FULL STATEMENT]

The announcement comes a day after Japanese news reports said Sony would be cutting 10,000 jobs worldwide, or about 6 percent of its workforce, in an effort to restructure the company.

Sony has not confirmed the layoffs, but its new CEO, Kazuo Hirai, is expected to hold a press conference on Thursday to discuss the company’s new business plan.

Copyright 2012 ABC News Radio

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