According to the Huffington Post, Sony is reporting a $6.4 billion annual net loss. This is a new record for the company and double what was projected to happen. This is bad news for the electronics giant, which has now experienced four straight years of financial losses.

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In order to combat these losses, Sony plans to cut 10,000 jobs. Sony's financial woes have stemmed from weak demand for their televisions and the losing battle with Apple and Samsung.

Kazuo Hirai recently took over as Sony's CEO has made it clear that he is prepared to take "painful steps" to revive the failing company. What Hirai means by these painful steps are actions that would involve scaling the company back or withdrawing from businesses he deems uncompetitive.

Hirai is no stranger to helping out Sony. His claim to fame was made by reviving Sony's PlayStation gaming operation through aggressive cost cutting - the same thing he is planning to do for the company as a whole. He has said that he plans to turn the TV division of Sony, which has lost $10 billion in ten years, profitable within two years.

We'll have to keep an eye on Sony to see if Hirai can make good on these claims.