Sony closes books on worst financial year in its history

Sony, the one-time leader in electronics has posted red-ink for the year totalling almost $6-billion. The company has experienced four straight years of losses.

Sony lost more than $3-billion in the fourth-quarter—it’s fifth consecutive quarterly pull-back, closing the books on the worst year in its 66-year corporate history.  

Sony’s recent troubles were made worse by factory and supplier damage in northeastern Japan, ravaged by last year’s earthquake and tsunami. Annual sales plunged nearly 10 per cent .

Sony has lost money for eight straight years in its core TV business.

Consumers are flocking to products from Apple Inc. like the iPhone and iPad instead of Sony gadgets.      

Sony is aiming for a comeback under Kazuo Hirai, appointed president last month.

Last month, Hirai said the company will cut 10,000 jobs, or about six per cent of its global work force, and it’s predicting a slight a profit in this fiscal year.

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