Having already posted a $1.2 billion operating loss for the normally lucrative October-December (encompassing Christmas) Sony is now heading towards posting a $2.9 billion annual loss. It’s current CEO, Howard Stringer, is being replaced by Kazuo Hirai (this has been in the works for a number of years according to Sony). It’ll be very hard for Sony to recover from this loss in the short term but they are still expecting growth in the TV market over the coming year. They’ve been badly affected by both a strong yen which hurt the company since about 70% of their sales are outside of Japan. The earthquake that hit Japan and strong competition from Korean companies like LG and Samsung also contributed to the huge losses.