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Sony to Post $3.2 Billion Loss From Last Year

Sony today announced that it had revised its consolidated results forecast for the fiscal year ended March 31 and expects to record a loss of 260 billion yen or $3.2 billion dollars. This is a sharp contrast to the 70 billion yen profit that the company forecasted back in February.

Sony cited the Japanese earthquake as part of the reason for the big loss along with a non-cash charge of approximately 360 billion yen against certain deferred tax assets in Japan. The quake is said to have cost Sony 22 billion yen in sales this year and 17 billion yen in operating profits. The company also expects to incur various expenses relating to repair, removal, cleaning and other restoration jobs as a result of the disaster and values these at about 11 billion yen. However, Sony said today that it expects insurance policies to offset almost all of the losses and expenses related to restoration.

While the earthquake has had a significant impact (indeed, CNet reports that Sony’s 2012 fiscal year will be hit even harder as the company recovers), the company has yet to put a figure on the damages incurred as a result of the massive breach on its PSN and Qricoity network back in April. The company has supposedly already spent 14 billion yen on on customer support, legal expenses, network upgrades, and other expenses related to the outage and breach, but the total cost of the fiasco is not yet known.

Read the full story on CNet.

  • bobdozer
    Aww what a shame. My heart bleeds for them. Really.
  • danimal_the_animal
  • JerseyFirefighter
    geohot must be into the weather machine business. Getting those mofos back by turning on the tsunami mode.
  • eddieroolz
    The earthquake and tsunami sent a lot of Japanese companies into the red.
  • memadmax
    Bring back 'OtherOS' and your problems will go away immediately =D
  • legacy7955
    Sony go back to your roots. Bring out a NEW series of Shortwave radios!

    The ICF SW7600GR is almost a decade old now but is still one of the best and contrary to what the consulting agencies tell you many folks still do listen to HF shortwave and Amateurs too. When the cell/wired world crashes and it will, you'll still be able to hear Amateur operators on the air all over the world.
  • Ragnar-Kon
    legacy7955Sony go back to your roots.Agree. Sony's classic products were all very very good. I can't tell you how many 8-10+ year old Sony electronics I have. They all work fantastic and continue to work fantastically.
  • soundefx
    I wonder when they would start firing people?
  • Hellboy
    Sony has lost its way...

    It certainly about 8-10 years ago Sony was a product which the majority wanted to own...

    I was certainly proud to have my walkman, diskman, didnt bother with the rest.

    now its Apple..

    If Apple did televisions, stereos, alarm clocks and camcorders then its game over for Sony.

    Sony's abysmal track record with the PS3 from poor origional sales figures to the latest PSN outage - im afraid has not helped even though its the most powerfull console right now it has had such a bad execution - its just not that wannable... not really a big leap over the xbox 360 which has been around for years., its laptops have had reliability issues and its all in one have had the same which have not helped.

    Ever since the main guy passed away Sony has gone cheap in my eyes... The should build on the quality - they dont do anything outstaning anymore....
  • slabbo
    if you don't want your stuff to break, then stay away from Sony products.