Sony Corp. registers its fourth consecutive annual loss, this time setting a record deficit of 457 billion yen ($5.7 billion).
The majority of Sony’s loss is related to the corporation’s recent inability to rival other TV manufacturers including South Korea’s Samsung Electronics Co.
Sony also received a major blow after the 2011 Tsunami hit Japan, causing considerable supplier and factory damage in northeastern Japan while the flooding in Thailand also disrupted production.
Sony, however, is looking to turn the numbers around under its newly-appointed president, Karzuo Hirai.
Hirai, who headed the gaming division and built his career in the US, is planning a return to profit for the fiscal year through March 2013 at 30 billion yen ($375 million).
To aid its comeback quest, the company will be cutting 10,000 jobs – about six percent of its global workforce.
The electronics and entertainment company’s recent decline is the worst in its 66-year corporate history.