Winnipeg Free Press - PRINT EDITION

Sony blames slow reflexes for big losses

  • Print

TOKYO -- Sony Corp. chief executive Kazuo Hirai said Thursday the company accumulated huge losses because it didn't respond quickly enough to changing market conditions, but promised a return to profit next year.

Last week, Sony reported a US$1.3-billion loss for the fiscal year ended in March. It is forecasting a US$490-million loss for the current fiscal year. Sony has repeatedly disappointed investors by not achieving its profit forecasts.

"We must acknowledge that our steps to take action had come much too slowly," he told reporters at the Japanese entertainment and electronics giant's Tokyo headquarters. "We are going to fully complete our structural reforms."

Hirai's vision of Sony's turnaround centres on key technologies such as image sensors, cloud-based services and wearable devices. He stressed although Sony's electronics business is ailing, it is doing well in other areas such as finance, which includes a bank and insurance services, and entertainment, which boasts a successful Spider-Man film franchise and the PlayStation 4 video-game machine.

He denied the company will sell or pull the plug on its money-losing TV business. Once a leader in TVs, Sony has lost out to competitors such as South Korea's Samsung Electronics Co.,which led in the shift to flat panels.

Sony's TV operations have been struggling for a decade, fuelling speculation Sony might exit the business entirely.

-- The Associated Press

Republished from the Winnipeg Free Press print edition May 23, 2014 B4

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Police: Three or four infants' bodies found in storage locker

View more like this

Photo Store Gallery

  • Marc Gallant / Winnipeg Free Press. Local- Deer in Canola field near Elma, Manitoba. 060706.
  • PHIL.HOSSACK@FREEPRESS.MB.CA Winnipeg Free Press 090528 STAND UP...(Weather) One to oversee the pecking order, a pack of pelican's fishes the eddies under the Red River control structure at Lockport Thursday morning......

View More Gallery Photos

Poll

Will you get out and vote for a new mayor and council?

View Results

View Related Story

Ads by Google