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Sony Reports Net Loss of Over $2 Billion in Third Quarter

AFP/AFP/Getty Images(TOKYO) -- Sony's new CEO will have his work cut out for him when he takes over later this year.

The Japanese electronics and entertainment giant on Thursday said it suffered a net loss of over $2 billion in its third quarter, keeping Sony in the red for the fourth straight year.  The shortfall was a result of the floods in Thailand, which shut down two of Sony's factories, and a strong yen, which eroded the company's earnings abroad.

And the picture doesn't look much better for the rest of Sony's fiscal year. The company predicts a net loss of close to $3 billion -- up from its previous forecast of roughly $1.2 billion.

Sony hopes Kazuo Hirai will be able to turn the company around when he replaces CEO Howard Stringer in April.  Hirai, known for his work in Sony's gaming division, was announced as the new head of the company on Wednesday.

Copyright 2012 ABC News Radio

ABC News Radio