took somewhat of a beating today in afternoon trading after the company reported consolidated financial results for its second fiscal quarter ended September 30, 2011. Shares of Sony dropped nearly 7 percent earlier in the day, based in large part on Sony's warning that it could be staring at a fourth straight year of losses.
The Japanese electronics and entertainment firm isn't talking about chump change, either. Sony reckons it could lose as much as $1.2 billion by the end of the year, which is a tough pill for investors to swallow after Sony had previously forecast a net profit.
Source: Flickr Jami3.org
Nothing has come easy for Sony in recent months. The company's TV business is on pace to lose $2.2 billion all by itself, and Sony cut its forecast for sales of cameras, DVD players, and Blu-ray players. That's not good, and Sony is fully aware that it needs to turn things around.
"The TV business is an essential part of Sony's growth strategy. We, as management, feel a great sense of crisis after seven straight years of losses," Kazuo Hirai, Sony's executive deputy president, said during a briefing, according to Reuters