News: Sony Doubles Red Ink Forecast to $6.4 Billion, Worst Loss Ever

[Cps235]

April 10, 2012 By Malcom Foster, Associated Press

TOKYO (AP) - Sony Corp. more than doubled its projected annual loss to 520 billion yen ($6.4 billion), its worst red ink ever, due to a massive tax charge.

With new CEO Kazuo Hirai at its helm, the Japanese electronics company said Tuesday it expects an additional tax expense of 300 billion yen in the fiscal fourth quarter ending March 30. It said this non-cash charge stemmed from revaluing U.S. tax credits that are unlikely to be utilized due to its string of annual losses.

Sony to Cut 10,000 Jobs Worldwide: Report

In February, it had projected an annual net loss of 220 billion yen amid weak TV sales, the strong yen and production disruptions from flooding in Thailand.

The company said its operating loss forecast was unchanged at a loss of 95 billion yen ($1.2 billion). It forecast a return to profit in the year through March 2013.

Japanese news reports on Monday said Sony would cut about 10,000 jobs worldwide over the next year as it tries to return to profit, but the company would not confirm that.

This would be the fourth year of red ink for Sony - a daunting challenge for Hirai, who took over as CEO from Welsh-born Howard Stringer this month. Hirai is due to outline the company's new corporate strategy to journalists on Thursday.

Sony, whose businesses sprawl from cameras and cellphones to PlayStation game consoles and movies such as "The Smurfs," has for years been struggling to regain the swagger and creative flair that made it a dominant force in the global electronics industry in the 1980s and early 1990s.

Sony Doubles Red Ink Forecast to $6.4 Billion, Worst Loss Ever | Billboard.biz

[12russ79]

If they would promote the right people(Carrie) they would be in the black...

In all seriousness the world economy in general is in bad shape... I could say more but I'll leave it at that....

[Carrie&Taylor]

That's what they get for snubbing the Lords girl the past three years.

[supercarriefan]

The music division losses on Sony's part are bad enough, but now that they are reporting major losses in all of their divisions from electronic devices to movies to television, it's really a bad situation.
Sony used to be one of the top companies for electronics. It's sad that so many people worldwide will lose their employment because of these unfortunate circumstances. My heart goes out to those people that will be left to find new jobs in a worsening economy.

Sorry, but simply promoting Carrie more isn't going to save the entire Sony corporation lol. Carrie's sales wouldn't be even close to enough to stop these losses.

[12russ79]

Sorry, but simply promoting Carrie more isn't going to save the entire Sony corporation lol. Carrie's sales wouldn't be even close to enough to stop these losses.

True but it would keep the TEETANIC above water a little longer... LOL

[cole]

Could this affect Carrie's label?

[pklongbeach]

Any amount of help would have been better.
I believe had they pushed PO more toward it's end, it would have sold more units than some albums did their entire runs.

[supercarriefan]

Any amount of help would have been better.
I believe had they pushed PO more toward it's end, it would have sold more units than some albums did their entire runs.

It still wouldn't have been enough to save Sony as a corporation. The article is talking about the Sony corporation as a whole, not just the music labels. Carrie is great, but she can't possibly save an entire corporation from its financial losses.
This really has nothing to do with Carrie other than the possibility than some of the people at her label may be the ones to lose their jobs. Even then, it still won't really effect Carrie.
Honestly, I don't know why some are actually acting like these losses were somehow the result of Carrie not being promoted properly. It's the effects of a difficult economic situation, not the result of Carrie not being promoted to some people's satisfaction.
Again, it's terribly sad for those that will have to deal with losing their jobs.

[carriecountrystar]

It still wouldn't have been enough to save Sony as a corporation. The article is talking about the Sony corporation as a whole, not just the music labels. Carrie is great, but she can't possibly save an entire corporation from its financial losses.
This really has nothing to do with Carrie other than the possibility than some of the people at her label may be the ones to lose their jobs. Even then, it still won't really effect Carrie.
Honestly, I don't know why some are actually acting like these losses were somehow the result of Carrie not being promoted properly. It's the effects of a difficult economic situation, not the result of Carrie not being promoted to some people's satisfaction.
Again, it's terribly sad for those that will have to deal with losing their jobs.

Sad situation indeed. That's 10,000 more individuals/families joining the other 12.7 (and more) millions of others unemployed.

[robinannhunt]

How many of the layoffs are actually in the USA?

[pklongbeach]

I'm sorry super.
You must have read my post a little too literally.
OF course Carrie couldn't turn the world on it's axes.
Nore can she save large corporations fron they're inpending "down sizing".
I just thought it was cute that Russ was able to make it as simple as promoting different artists in the country music community. The idea being that every little decission makes for big results.
But of course he was being tongue and cheek. As was I.
Things have been getting a little touchy around here lately.

[robinannhunt]

As this era gets underway and more posters get involved sarcasm will be more obvious.

[JB172]

Sony's recording roster has very little to do with money being lost.

[pklongbeach]

Robin I can not believe you have 27,000 posts.
I was rather proud of my 7000.
Thats just Wow.
Thatnks so much for making this site so amazing.

[bigbluegrl23]

Robin I can not believe you have 27,000 posts.
I was rather proud of my 7000.
Thats just Wow.
Thatnks so much for making this site so amazing.

I'm proud of my almost 4000 lol
Becca

[robinannhunt]

Robin I can not believe you have 27,000 posts.
I was rather proud of my 7000.
Thats just Wow.
Thatnks so much for making this site so amazing.

If you look around there are higher posters than I on these boards. Not alot of them but there are some.

[supercarriefan]

I'm sorry super.
You must have read my post a little too literally.
OF course Carrie couldn't turn the world on it's axes.
Nore can she save large corporations fron they're inpending "down sizing".
I just thought it was cute that Russ was able to make it as simple as promoting different artists in the country music community. The idea being that every little decission makes for big results.
But of course he was being tongue and cheek. As was I.
Things have been getting a little touchy around here lately.

People tend to read things literally if there is no indication from the original poster that they were being sarcastic. We have a sarcasm smilie that can be used, plus you might try mentioning that you are being sarcastic so that people don't misunderstand you.
Sorry for thinking you were being serious. I wasn't being critical, but rather responding to what you had actually written. Things being touchy around here lately has absolutely nothing to do with my response to your post.

It honestly wouldn't surprise me if some people actually believe that Carrie could solve the financial crisis at Sony.

[rainbow1]

I don't think any thinking person would think that Carrie could save the Sony Corp. Of course we knew they were kidding.

[12russ79]

I'm sorry super.
You must have read my post a little too literally.
OF course Carrie couldn't turn the world on it's axes.
Nore can she save large corporations fron they're inpending "down sizing".
I just thought it was cute that Russ was able to make it as simple as promoting different artists in the country music community. The idea being that every little decission makes for big results.
But of course he was being tongue and cheek. As was I.
Things have been getting a little touchy around here lately.

I know what you mean my friend...
But thats what makes Carrie so great... She will bring us all back together again closer then ever... She has to be incredible... Because of all the incredible people that call themselves Carriefans... And I'm proud to be one of them!!!

[supercarriefan]

I don't think any thinking person would think that Carrie could save the Sony Corp. Of course we knew they were kidding.

Seeing as my post was liked by a few others, some of us clearly thought some might actually make that conclusion. Some people, like myself, take things literally unless sarcasm is indicated in some way, which it wasn't in Patrick's post. I apologized to Patrick for misinterpreting his thoughts.
As I said earlier, it wouldn't surprise me if some actually thought Carrie could save Sony.

I actually have to agree with Patrick that things are awfully touchy around here right now. Hopefully people will calm down and we can resume business as usual without every response being critiqued.