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Sony CFO: 'Several Reasons' for Losses

Sony CFO: 'Several Reasons' for Losses

Marking its fourth consecutive year of declines, Sony Corporation posted a record $6.4 billion annual net loss over the past year, a figure that was double previous estimates, Reuters reports.

According to the news source, Sony is in the process of writing off deferred tax credits and cutting approximately 10,000 jobs - or 6 percent of its global workforce. Weak demand for its televisions has been a major factor in the company's significant losses, as rivals such as Samsung and Apple have overtaken the market.

Masaru Kato, Sony's CFO, said during a recent news briefing in Tokyo that "there have been several reasons for our poor results." Kato added that there were various ways in which the company could boost equity for shareholders.

"We can improve shareholder equity in several ways, including bolstering cash flow or selling assets," he explained. "Equity finance is also an option, but at this moment we have no concrete plan to do so."

The New York Times reports Sharp, another manufacturer of electronics that has struggled recently, announced recently that it expects to post losses that are worse than initially projected. 

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