CEO blames ôOld Sonyö and crisis for profit collapse

Howard Stringer says there is ôtoo much old Sony at Sonyö despite the fact that he has been in charge since June 2005.

Sony CEO Howard Stringer yesterday blamed the latest awful profit outlook for JapanÆs favourite electronics company on not adapting fast enough to new conditions, as well as the ôworst recession in his lifetimeö. At a press conference, Stringer announced that Sony was revising its fiscal 2008 ending March 2009 consolidated net income forecast to a Ñ150 billion $1.6 billion loss from an earlier estimate of a Ñ150 billion profit, off expected revenues of Ñ7.7 trillion $86 billion.

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