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Sony forecasts annual loss of $1.65 billion, first in 14 years

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Sony forecasts annual loss of $1.65 billion, first in 14 years

Tokyo (Japan) – Sony issued an earnings forecast today stating the current fiscal year’s revenue, which will end on March 31, 2009, will likely be around $85.6 billion, an operating loss of $1.65 billion on the year. This would be the first reported annual loss by Sony in 14 years.

An earlier forecast from October projected revenues of $100 billion, down from an earlier July forecast of $102.2 billion.

On January 13, following several widely reported media articles stating that Sony was expecting to post an annual loss, Sony issued a statement which reads:

“Sony understands that a story appeared in the media regarding Sony’s expectations on operating results for the fiscal year ending March 31, 2009. Sony has made no announcement in this regard and at this time has no further comment.”

Nine days later the early reports are proven true as Sony now projects an operating loss of $1.65 billion (150 billion yen). Sony will officially report group earnings for the fiscal quarter ending December 31, 2008 on January 29, 2009 at 5:30pm JST.