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Sony reports record annual loss

Thu, 05/10/2012 - 2:17am
The Associated Press

Sony Corp. has racked up a record annual loss of 457 billion yen ($5.7 billion) in its fourth straight year of red ink.

The maker of the Walkman and PlayStation reported Thursday a loss of 255 billion yen ($3.2 billion) for the January-March period, its fifth straight quarterly net loss.

Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung Electronics Co. of South Korea and other Asian rivals.

A soaring yen that erodes the overseas earnings of Japanese exporters like Sony has also added to the damage.

Sony is aiming for a turnaround under a new president Kazuo Hirai, appointed last month, who has headed the electronics and entertainment maker's gaming division.

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