Sony has warned investors that it expects the largest loss in the company's 65-year history for the fiscal year ended on March 31, 3012. The net loss is expected to total 520 billion yen ($6.4 billion), more than double the previously projected loss of 220 billion yen ($2.73 billion). According to Fox Business, the expanded loss is tied to deferred United States tax assets.
"We consider the current situation to be very serious," said chief financial officer Masaru Kato in a press conference. "We will take resolute measures to transform our business without protecting any sacred cows."
Since becoming CEO, Hirai has already reshuffled Sony's corporate structure around with a new strategy dubbed "One Sony".