Sony posts record $6.4 billion loss for 2011

Published on April 12th, 2012 | by dailyreporter


Sony Corporation has reported a $6.4 billion loss for the 2011 in terms of taxes on top of it’s $2.9 billion loss from operations costs.

Kazuo Hirai, who took over as Sony’s CEO earlier this month, has said he is prepared to take “painful steps” to revive the company – at the forefront is that upcoming axing of 10,000 jobs from it’s workforce. Cost cuittng, Hirai plans to broaden the reach of it’s PlayStation Network by increasing its catalog of downloadable game titles and subscription services available, citing that the company’s ailing TV business would be crucial to this “convergence” strategy.

One goldmine that Sony could tap is the current boom of Android devices by opening up it’s PlayStation Suite to non-certified devices.

Sony’s restructuring efforts is expected to cost ¥75 billion yen during 2012 fiscal year.

source Reuters

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