Sony predicts dramatic full-year loss

Sony predicts dramatic full-year loss

By Ben Parfitt

May 23rd 2011 at 3:32PM

Embattled firm predicts a $3.2bn loss; PSN outage costs £100m

PlayStation platform holder Sony has warned investor's that this week's full year financial report will fall dramatically short of previous expectations.

AP reports that Sony now expects a YEN 260bn ($3.2bn) loss for the fiscal year ending March 31st. Previously it had forecast a YEN 70bn ($860m) profit for the period.

The earthquake and tsunami that hit Japan earlier this year has been named as the main reason for the change. The collapse of PSN didn't occur until April.

The firm also stated that the total cost associated with the PSN outage and subsequent actions has hit around YEN 14bn – around £100m.

Last year Sony reported a $439m loss. The year before losses passed $1bn.