Sony Reports Record Loss: $5.7 Billion Lost In 2011

News updates all day from your Fast Company editors.

Sony corporation just reported a record loss for a single fiscal year: 457 billion yen, an equivalent of $5.7 billion dollars for the year 2011. $3.2 billion, about 56% of the loss, was incurred in the final January-March quarter as Sony saw its fifth failed quarter in a row. The Japanese firm was hit, it says, by unfavorable exchange rates affecting the Japanese yen, and by the aftermath of the disastrous earthquake and tsunami that ravaged the nation in early 2011. Some of the losses will also have been incurred as Sony bought its way out of the Sony-Ericsson mobile phone partnership in order to pursue its own-branded smartphones. Sony recently said it was going to attempt to follow an Apple-style model with reduced inventory of more polished products. Recently rumors surrounding its key next-gen gaming platform have swirled, and point to a 2014 launch.

To keep on top of breaking news like this, visit our main Fast Feed page.