Sony Corp. said Thursday that it expects to report a record ¥260 billion group operating loss for the business year ending March 31 as plummeting global demand and the yen's surge against the dollar wreaked havoc on sales.
The forecast, which is much bigger than the ¥100 billion loss it was reportedly expecting last week, turns the electronics giant's ¥200 billion profit estimate from October on its head.
Sony Chairman and Chief Executive Officer Howard Stringer said the consumer electronics industry is being hammered by "the massive economic upheaval."