Sony Corp. Chief Executive Officer Kazuo Hirai apologized to investors Thursday after the maker of PlayStation consoles and Xperia smartphones projected a sixth loss in seven years.
"Sorry that we failed to meet shareholders' expectations," Hirai said at the company's annual meeting in Tokyo. "We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay."
Sony has lost ¥85 billion since Hirai became CEO in 2012 and predicts another ¥50 billion loss this year as he struggles to revive its TV business. The 53-year-old is counting on more restructuring, a slate of "Amazing Spider-Man" films, new Xperia smartphones and potential sales of the PS4 in China to revive its fortunes against Apple Inc. and Samsung Electronics Co.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.