Sony shocks market with £2bn loss

It is the third straight annual loss for the company behind Vaio computers, PlayStation, Bravia TVs, and a trove of music and movies,

The news follows a string of disasters for Sony, including the Japanese earthquake and a major attack by hackers on its PlayStation network.

The company said, ahead of its full-year results on Thursday, that revenues slipped 0.5pc to 7.2 trillion yen, while operating income grew to around 200bn yen.

Analysts had forecast that Sony would make a 76bn yen profit this year. Sony said the discrepancy was down to a “non-cash charge” of around 360bn yen related to Japanese tax credits.

The devastating earthquake and tsunami in March damaged Sony plants, causing problems in its supply chain and a plunge in domestic consumption.

Sony estimated the disaster would cost it 150 billion yen at the operating level this year.

Then in April, it emerged that more than 100m accounts on Sony’s online gaming network had been exposed to possible data theft. Sony was criticised for delays in letting customers know they had been hacked, and an inability to repair other weak spots on the network.

It has been estimated that the scandal will cost Sony 14bn yen. The company said it hopes to fully restore the networks by the end of May.

Chairman and chief executive Sir Howard Stringer is already under pressure as a result of plunging sales of flat-screen TVs and other gadgets.

The company issued its first estimate for the year to March 2012, when it expects operating profits to be unchanged at 200bn yen. It expects sales to rise in 2011/12 and says it should post a net profit, despite the continuing impact of the earthquake.

The shares fell 10 to 2211 yen.