Sony reports worst loss ever Sony reported its worst loss in company history this week.

The Japan-based technology giant said its net  loss for its last financial year was actually worse than it had initially expected, as the company doubled its projected net loss to 520 billion yen, roughly equivalent to $6.4 billion. Company officials said an additional tax expense hurt profitability in its 2011 fiscal year. Its earnings were already weak, though, as the company struggled to hit cost reduction goals as the yen strengthened against the greenback.

The New York Times reports Sony did not officially announce it would lay off workers, but speculation has been building for weeks over potential job cuts at the electronics giant. Reports surfaced late last week indicating Sony could eliminate as many as 10,000 positions in a business cost reduction campaign.

Sony chief financial officer Masaru Kato said the company was still mulling how it would proceed. He added the firm expects to return to profitability in its current fiscal year, which began in March.

"We will force through reforms, and there will be no sacred cows," he said. "The company management takes these numbers very seriously."

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