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Consumer Electronics

Sony Losses $6.4 Billion

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By Douglas A. McIntyre Published
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The Sony (NYSE: SNE) train wreck continues. The Japanese company has appointed a new CEO and will fire 10,000 workers. But, annual earnings for the year which just ended are much worse than expected. Sony lost $6.4 billion in the period which ended on March 30.

A great deal of the loss was attributed to one time tax issues, but management said little about operations which would lead investors to believe that a turnaround is close by, or even possible. Just anointed CEO CEO Kazuo Hirai made the case the Sony will earn a small profit next year. It is hard to say how.

Sony’s TV screen business continues to be undermined by the commoditization of its products. Sony Ericsson remains a tiny factor in a smartphone industry dominated by Apple (NASDAQ: AAPL) and Samsung. Sony’s gaming system division, with the PS3 as its flagship, does relatively well. So does it studio, from time to time based on the hit or miss success of its films. Sony continues to have nothing to show as it tries to make the case that it can recover.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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