Sony's Loss for 2011 is in the Billions

Sony forecasted a lower loss in 2011 which turns out to be worse. Sony's new forecast for 2011 is $2.9 billion.

Sony blamed this increase due to the Thailand floods, foreign exchange rates, and failed ventures with Samsung.

The third quarter revenue dropped 17.4%. The PlayStation 3 also lost revenue when the price was cut from $300 to $250.

Since this has happened Sony has changed its CEO from Howard Stringer to Kazuo Hirari.

Sony is still trying to recover from the hacks which took down Sony for a month.