After another tough quarter, Sony has downgraded its annual forecast to a $2.9 billion loss
A day after anointing Kazuo Hirai as its next CEO, Sony posted another bruising earnings report.
The company, which posted almost a billion in profit during the comparable period a year ago, attributed the lackluster performance to floods in Thailand, unfavorable exchange rates and lower LCD TV sales during the period.
Also read: Sony Names Kazuo Hirai New CEO
Sony also projected a deeper loss for the fiscal year. It now projects a $2.9 billion loss — more than double the $1.18 billion forecast in November.
Hirai, who takes over the top spot from Howard Stringer on April 1, is ascending after a difficult year. Sony was hit hard by natural disasters in 2011; first it was hammered by a monster quake and tsunami in Japan, then in October floods in Thailand affected Sony facilities. The company also posted a loss to the tune of $350 million in its second fiscal quarter, and has posted annual losses for several years now.
Hirai will try and boost the company's core consumer products division and lure customers back from Apple and other rivals. He has his work cut out for him: The consumer products division posted a 24.4 percent decline in revenue to $12.8 billion on lower LCD television sales.
Music revenue also dropped 11.7 percent to $1.6 billion on fewer significant releases. But the Sony Pictures division provided a bright spot: Revenue rose 15 percent on a U.S. basis to $2.06 billion for the period, thanks to greater theatrical revenue and higher TV revenue.