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News Summary: Sony reports record annual loss

Associated Press Published: May 10, 2012

RECORD LOSS: Sony Corp. posted a record annual loss of 457 billion yen ($5.7 billion), its fourth straight year of red ink. The maker of the Walkman and PlayStation is struggling to turn its business around under a new president.

LONG-TERM WOES: Sony has bled money for eight straight years in its core TV business, bashed by competition from South Korea's Samsung and other Asian rivals. Consumers are also flocking to Apple Inc.'s iPhone and iPad instead of Sony gadgets.

RECENT TROUBLE: Production disruptions stemming from the earthquake and tsunami in Japan, and flooding in Thailand, had also hurt Sony.