Investors & Consumers Dump Sony After More Big Losses

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They keep promising something different, but the losses keep mounting at Sony with the Japanese Company reporting yet another record annual loss of US$5.7 billion.This is the fourth straight year of red ink for Sony who are now struggling as Australian retailers dump their brand in favour of TVs from Samsung and LG and sound gear from brands like Beats, Apple and Harmon Kardon.

In the January to March period when Sony was discounting out their Bravia TVs in Australia, the Company reported a $3.2 billion dollar loss. It’s the fifth straight quarterly net loss and the worst in its 66-year corporate history.

Shares in Sony slumped more than 7 percent to near 32-year lows, as investors doubted the Japanese consumer electronics giant has a strategy to fix its loss-making TV business and compete in the smartphone market against Apple and Samsung Electronics.

In Australia CEO Carl Rose is not talking about the future direction for the local subsidiary which has seen several high profile executives quite the Rose led team during the past 12 months.

Among those to have quit is the former sales Director David Hargreaves.

Annual sales at Sony plunged nearly 10 percent to $81 billion, as consumers dropped the brand in favour of product offerings from Apple, Samsung and LG.

Unit sales slipped in flat-panel TVs, video and digital cameras, game machines and personal computers.

Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung and LG.

Sony keeps telling the market that they are aiming for a comeback under Kazuo Hirai, who was appointed president last month but analysts are starting to doubt him.

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