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Sony Corp. Chief Executive Officer Kazuo Hirai apologized to investors Thursday after the maker of PlayStation consoles and Xperia smartphones projected a sixth loss in seven years.

“Sorry that we failed to meet shareholders’ expectations,” Hirai said at the company’s annual meeting in Tokyo. “We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay.”

Sony has lost ¥85 billion since Hirai became CEO in 2012 and predicts another ¥50 billion loss this year as he struggles to revive its TV business. The 53-year-old is counting on more restructuring, a slate of “Amazing Spider-Man” films, new Xperia smartphones and potential sales of the PS4 in China to revive its fortunes against Apple Inc. and Samsung Electronics Co.

“It’s a win-or-lose year for Hirai,” said Naoki Fujiwara, chief fund manager at Tokyo-based Shinkin Asset Management Co., which holds Sony stock. “If he cannot meet his committed numbers, he will lose force as a leader.”

Sony shares have dropped 6.7 percent this year, compared with a 2.9 percent decline in the benchmark Topix index.

Hirai was promoted in April 2012, taking the helm of a company that had lost money at its iconic TV unit since 2004. He failed to deliver on promises to turn the unit profitable, and the business now has lost more than ¥790 billion in the past 10 years, the company said.

Sony is cutting almost $1 billion in costs after exiting the personal computer business. It is targeting ¥400 billion in operating profit by the end of March 2016, spurred by the creation of a new TV business and $300 million in reductions at its movies division.

Hirai told shareholders he is responsible for carrying out the company’s restructuring.

While investors aren’t calling for Hirai’s neck yet, they do want the turnaround to show traction after it cut earnings three times last year. Sony is now worth about $17 billion, compared with a market valuation of about $120 billion in 1999.

“What Hirai is doing now isn’t wrong, but it is too slow,” said Kazuyuki Terao, Tokyo-based chief investment officer at Allianz Global Investors Japan Co. “The market situation is changing fast, and the restructuring isn’t keeping up with the speed of change.”

When Hirai took over, he said Sony’s revival would be driven by mobile devices, games and imaging products.

Sony is splitting its TV manufacturing unit into a separate operating entity. The division is focused on so-called 4K ultrahigh-definition sets and forecasts sales of 16 million liquid-crystal display TVs in the year ending March 2015, compared with 13.5 million last year.

Global TV sales are getting a boost from this year’s Winter Olympics and soccer’s World Cup. Sony’s TV sales rose 30 percent to $2.15 billion in the first quarter, compared with $1.65 billion a year earlier, according to data compiled by Bloomberg.

Sony’s sale of its Vaio PC unit takes effect July 1, with Sony booking an ¥80 billion loss this fiscal year at the unit. Sony previously agreed to sell its PC division, which produces notebooks under the Vaio brand, to buyout firm Japan Industrial Partners Inc.

In smartphones, the company ranks No. 7 globally, shipping 3.2 million units in the first quarter, according to data compiled by Bloomberg. The company is targeting sales of 50 million smartphones this fiscal year, compared with 39.1 million the year before.

Earlier this year, the company announced a new marquee Xperia Z2 device, a lower-end Xperia M2 phone and an Xperia Z2 tablet to draw consumers away from Samsung and Apple products.

There are some positives for Hirai as Sony extends its lead in video games and the film unit rebounds at the box office.

“They’ve got a very powerful entertainment concept and we’ll see what happens with the PlayStation 4,” said Mario Gabelli, chairman and founder of Gamco Investors Inc. and Gamco Asset Management, which together own Sony shares. “They have some very good businesses and some not-so-good businesses.”

The PS4 beat Microsoft Corp.’s Xbox One to first place in U.S. console sales in May, extending its lead for a fifth month, according to Port Washington, New York-based NPD Group Inc. Sony last month took steps toward selling the consoles in China, agreeing to establish two ventures after the government lifted a 2000 ban on sales of the popular machines.

“They have a pretty huge user base now and the software’s getting good reviews so it looks like they’re going to sell a lot of very high-margin software,” said David Rubenstein, a managing director at Advanced Research Japan in Tokyo. “That could be a huge swing factor for profits.”

Hirai has resisted suggestions by Third Point LLC investor Daniel Loeb to spin off a portion of entertainment assets, arguing that content can help sell TVs and mobile devices.

“22 Jump Street” topped the box office in its debut last weekend, collecting $57.1 million at U.S. and Canadian theaters, according to Rentrak Corp. “The Amazing Spider-Man 2” has grossed more than $198 million since its May release, according to BoxOfficeMojo.com.

More sequels in the superhero franchise are due for release in 2016 and 2018.

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