Sony Registers Record Loss, But Expects Return To Profit

Posting a record loss of $5.7B for the fiscal year ended March 31, Sony today reported a quarterly loss of $3.2B. However, the company also expects a return to profit, predicting that net income for the fiscal year to end March 2013 could be about $376M. Still, that figure lags behind what a group of Bloomberg analysts had estimated. Under new CEO Kazuo Hirai, the company will slash 10,000 jobs as it trims costs to help turn around its flagging TV unit. Sony Pictures Entertainment sales increased 18% benefitting from the sale of a participation interest in Spider-Man merchandising rights and higher pay TV and VOD sales. Operating income at SPE decreased to $416M primarily due to combined gains in the previous fiscal year from the acquisition of a controlling interest in GSN and the sale of SPE’s interest in HBO Latin America. Sony also noted the strong theatrical performance of The Smurfs and Bad Teacher, offset by the underperformance of Arthur Christmas.

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