CEO: Sony needed to act sooner, but will reform

TOKYO - Sony's chief executive says the company has accumulated huge losses because it has not responded quickly enough to changing market conditions but is promising a return to profit next year.

Kazuo Hirai was speaking Thursday to reporters after the Japanese electronics and entertainment company last week reported a 128.4 billion yen ($1.3 billion) loss for the fiscal year ended March. It is forecasting a 50 billion yen ($490 million) loss for the current fiscal year.

Sony has repeatedly disappointed investors by not achieving its ambitious profit forecasts.

Hirai vowed a turnaround centered on Sony's core technologies, such as image sensors, cloud-based services and wearable devices.

He denied the company will sell or pull the plug on its money-losing TV business.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.