Sony Warns Of Biggest Loss Ever
Sony's financial situation appears more dire by the day. Following forecasts on Monday of deep losses in its consumer television business that would force it to downsize with the loss of 10,000 jobs, Sony today (Wednesday) slashed its earnings outlook, warning that it expects to take a $6.4 billion loss for the just-ended fiscal year, its worst loss ever. "We consider the current situation to be very serious," Sony Chief Financial Officer Masaru Kato acknowledged at a news conference in Tokyo. His boss, the newly appointed CEO Kazuo Hirai is expected to describe the measures he plans to implement to turn around the company at a news conference on Thursday. In Japan, Sony's shares dropped 4.5 percent on the Nikkei, but on the Nasdaq they were up nearly 2 percent at midday.