Sony posts net loss of $1.27 billion for year ending in March

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Sony posts net loss of $1.27 billion for year ending in March

Sony Corp, the maker of Xperia smartphones and PlayStation consoles, cut its earnings for the third time in a year as Chief Executive Officer Kazuo Hirai’s turnaround founders amid slumping consumer electronics sales.

Sony posted a net loss of 130 billion yen ($1.27 billion) in the 12 months ended March, the Tokyo-based company said in a preliminary earnings reported yesterday. That compares with a February loss projection of 110 billion yen, which was itself a reduction from a revised October forecast for profit of 30 billion yen.

The wider loss is a setback to Hirai’s plan to revive the fortunes of the Japan technology icon with new game consoles, smartphones and cost cuts. While the PlayStation 4 has won sales, Sony is struggling to come up with other hits as demand for traditional products like televisions, cameras and personal computers decline.

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