Sony reports huge losses for 2011

NBC News — Sony thursday reported a $2.1 billion net loss for the October to December quarter. The news came a day after Sony announced that Kazuo Hirai would replace Howard Stringer as president and CEO effective April 1st. This could be a fourth straight year of losses for the Japanese electronics and entertainment company.

Sony more than doubled its projected loss for the full fiscal year from $1.1 billion to $2.9 billion. Weak TV sales, a strong yen, Japan's earthquake and tsunami and production disruptions from flooding in Thailand left Sony struggling. The company said quarterly sales fell 17.4 percent. Howard Stringer, who has led Sony since 2005, said the company would bounce back.