An Interest In:
Web News this Week
- April 18, 2024
- April 17, 2024
- April 16, 2024
- April 15, 2024
- April 14, 2024
- April 13, 2024
- April 12, 2024
April 10, 2012 07:27 am EDT
Original Link: http://www.engadget.com/2012/04/10/sony-revises-projections-sees-6-4-billion-net-loss-for-2011/
Sony revises projections, sees $6.4 billion net loss for 2011
While we wait to hear Kaz Hirai's new plan for Sony, the news is getting worse before it gets better. The company just announced new projections that are more than double the net loss it predicted in February for the fiscal year 2011, to the tune of $6.4 billion. The reason? According to Reuters, it's additional tax expenses that are causing the pain, as Sony says it's "due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S." There is a silver lining to this cloud however, as the company is projecting an operational profit of 180 billion yen ($2.2 billion US) in 2012, compared to a loss of 95 billion yen ($1.16 billion US) last year. There are already predictions that Kaz will announce significant cuts in jobs and bonuses on the 12th, and from the numbers in the PDF linked below you can see why.Sony revises projections, sees $6.4 billion net loss for 2011 originally appeared on Engadget on Tue, 10 Apr 2012 03:27:00 EDT. Please see our terms for use of feeds.
Permalink | ||CommentsOriginal Link: http://www.engadget.com/2012/04/10/sony-revises-projections-sees-6-4-billion-net-loss-for-2011/
Share this article:
Tweet
View Full Article
Engadget
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WIMore About this Source Visit Engadget