TOKYO: Sony reported its first loss in 14 years on Thursday. The news came as no surprise, since the company gave warning of its expected results weeks ago. Sony’s final tally for the quarter ending March 31 was a net loss of Y165.1 billion, or around $1.7 billion U.S. All operations save the movie studio and the financial vision posted losses. Consolidated revenues fell 26 percent to Y1.36 trillion ($14.3 billion U.S.) For the 12 months ending Marcy 31, Sony (NYSE: SNE) posted a net loss of Y98.9 billion ($1 billion U.S.), on revenues of Y7.73 trillion ($81 billion U.S.)
Sony said it expects to post a net loss of Y120 billion ($1.3 billion U.S,) on revenues of Y7.3 trillion ($76 billion U.S.)
In separate news, Sony said it named George Bailey senior vice president, corporate executive and chief transformation officer. Bailey will take over the new position June 1. He’ll work with senior management to help move it back into the black, Sony said. He will be the liaison between the various Sony products to assure compatibility and interoperability.He will report to Sir Howard Stringer, chairman, CEO and president of Sony Corp.
Bailey comes to Sony via IBM, where he most recently served as general manager of the Microelectronics division and a member of IBM’s senior leadership team. From 2003-2008, Bailey was global managing partner for IBM’s electronics industry consulting practice, which included clients in consumer electronics, semiconductors and network equipment. He joined IBM through its acquisition of PriceWaterhouseCoopers’ consulting business, and subsequently played a key role in the successful integration of that business into IBM’s Business Consulting Services division to create the world's largest consultancy and one of IBM's most profitable businesses. -- Deborah D. McAdams
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