Sony disappoints with $2.1B quarterly loss
The Associated Press
Published Thursday, February 2, 2012 7:23AM EST
TOKYO - Sony Corp. has reported a net loss of 159 billion yen ($2.1 billion) for the October-December quarter as weak TV sales, a strong yen and the disruption in production from flooding in Thailand cut into its earnings.
The Japanese electronics and entertainment company also revised upward its expected loss for the full fiscal year through March to 220 billion yen from an earlier forecast of 90 billion.
Thursday's results come out a day after Sony announced that Kazuo Hirai, who leads the company's core consumer products business, will replace Howard Stringer as CEO and president effective April 1.