Feeds

Sony 2011 losses are TWICE as bad as expected

US gov squeezing its assets firmly

Reducing security risks from open source software

Sony has more than doubled its forecast for losses in fiscal 2011 to ¥520bn ($6.4bn, £4bn) after figuring out it will owe an extra ¥300bn ($3.69bn, £2.32bn) in taxes in the fourth quarter.

The Japanese firm said today that it had to pay the additional tax on assets that were mainly in the US.

"Due to the recording of this additional tax expense, net loss attributable to Sony Corporation’s stockholders is expected to be significantly greater than the February forecast," the company said in a canned statement.

Sony had previously expected to make a net loss of ¥220bn on its unchanged forecast of sales and revenue of ¥6.4 trillion ($78.7bn, £49.42bn).

The fiscal year ended 31 March, 2012 will give Sony its fourth consecutive annual loss as the company struggles to make money from selling tellies and takes hits on the sales it does make because of the exchange rate with the strong yen.

The company has been making changes to try to get back to profitability, including bringing in ex-Playstation exec Kazuo Hirai as president and CEO from this month to replace Howard Stringer, and slurping Ericsson's half of Sony Ericsson so it can fully own its smartphone biz.

Hirai is due to give a press conference about the future of the firm on Thursday, at which he is also expected to announce a restructuring of the company that will axe 10,000 employees.

Sony said today that it was hoping to turn things around this fiscal year and end with a profit.

"Sony is currently forecasting that it will return to positive operating results and that its consolidated income for the fiscal year ending March 31, 2013 will be approximately ¥180 billion," the firm said.

Full results for this fiscal year are due to be announced on 10 May. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.