Sony posting huge losses for fourth year in a row

More bad news for Sony camp today; the company is expected to post losses of up to $2.9 billion this March, making for the fourth year in a row that the company has lost money.

The company currently faces issues with the strong yen, as well as slow TV sales and other products. The recently announced CEO switch over from Howard Stringer to Kaz Hirai won’t instantly fix things either, Reuters reckons. “It won’t be easy for Sony to regain its lost ground under new leadership, as its overall competitiveness has sharply weakened,” Kim Young-Chan, analyst at Shinhan Investment Corp in Seoul, told the site.

“It’s got structural problems that will take years to fix. It’s not just Sony but Japanese IT firms have similar problems. They are failing to innovate and produce industry-leading products in almost every major area from TVs to displays, tablets and smartphones.”

As a result, the company has cut its PS3 sales forecast.

Guess Sony could really do with the Vita’s western launch being a hit now, huh?