Sony is struggling financially. This financial struggling has been going on for seven years at Sony. Last quarter, Sony lost $346 million due to poor sales in electronics (especially TV sets) and videogames, in addition to disappointing results in the movie industry.
Now, Sony has readjusted its fiscal year earnings to show an even more devastating loss than originally expected. Previously, Sony had projected a yearly lost of $769 million, but this has now risen to a loss of $1.2 billion!
Kaz Hirai, Executive Deputy President of Sony, announced “Management is feeling a serious sense of crisis about the seven years of losses.” Hirai continued by saying that he “Promises to lead the turnaround to get Sony out of the red.”