Sony predicts a massive loss of $6.4 Billion
Today Sony revised its financial forecast for the fiscal year and it isn’t pretty. The company predicts a record breaking loss of 6.4 billion, that is more than double the estimate that Sony released back in February. This announcement comes hours after word spread that Sony was planing to cut as many as 10,000 jobs around the world as part of their restructuring efforts.
The $6.4 billion loss includes a $3.6 billion tax charge in the US and operating losses of $2.9 billion, however Sony is keeping a positive attitude about all of this and plan to turn things around this year to make an operating profit of 180 billion yen.
“There are many factors that have hit us, starting with the impact of last year’s earthquake and tsunami. There’s also been the continuing strength of the yen, flooding in Asia, and a very difficult maturing market in the U.S. But looking ahead, we will strive to return to profitability,” Sony Corp Chief Financial Officer Masaru Kato told reporters at a press conference. “We are of course looking at equity finance as one of a range of options in the planning process. But we have nothing concrete we can announce at this point in time.”