Sony reported their financial results for the third quarter of their ongoing fiscal year this week. As a whole, Sony incurred an operating loss of $1.1 billion, and a net loss of $2.1 billion.
Losses were attributed to factors such as the PlayStation 3 price-drop in August 2011, when Sony dropped the price of the system to $250, 250 euros and 25,000 yen.
On a positive note, the price drop helped the company sell 6.5 million PlayStation 3 systems in the third quarter.
Other factors cited included floods in Thailand, unfavourable exchange rates, deterioration of market conditions in developed countries, as well as a decrease in sales of LCD TVs.
This week, the company also announced that Kazuo Hirai has been appointed the new president and CEO of Sony, taking over from Sir Howard Stringer, who is now the Chairman of the company’s board of directors. Hirai was previously the CEO of Sony Computer Entertainment, the company’s consumer products division.