Sony to post ¥520 billion loss due to tax expenses

Tuesday, 10 April 2012 09:35 GMT By Johnny Cullen

Sony has said it’s to report a loss of ¥520 billion ($6.4 billion) for the financial year ending March 31 due to additional tax expenses from the US.

it comes after reports it was set to lose 10,000 employees, a reduction of 6% of its global workforce.

The loss is larger than its previously-predicted loss of ¥220 billion back in February. Sony shares were down 3% before the announcement, the biggest one-day drop in three weeks.

New Sony CEO Kaz Hirai is expected to outline the company’s new strategy in a call this Thursday.

Via Reuters.