Business Technology

Tuesday 24 April 2018

Sony suffers record annual loss after eight years of battering

Shares in Japan's consumer electronics giant Sony Corp slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple and Samsung Electronics. Photo: Reuters
Shares in Japan's consumer electronics giant Sony Corp slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple and Samsung Electronics. Photo: Reuters

SONY has racked up a record annual loss of 457 billion yen (€4.36 billion) in its fourth straight year of red ink.

The maker of the Walkman and PlayStation reported a loss of 255 billion yen (€2.36 billion) for the January-March period, its fifth straight quarterly net loss.



Sony has leaked money for eight straight years in its core TV business, battered by competition from Samsung of South Korea and other Asian rivals.



A soaring yen that erodes the overseas earnings of Japanese exporters such as Sony has also added to the damage.



Sony is aiming for a turnaround under a new president, Kazuo Hirai, appointed last month, who has headed the electronics and entertainment maker's gaming division.



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