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Sony reports fiscal year losses

News; May. 26, 2011; Channels: Video Games; By Kyle James Hovanec
Subtypes: News
Sony reports a $3.2 billion loss and a $171 million loss in hacker-related incident

In anticipation of its upcoming end of the fiscal year earnings report, Sony has released a revised financial forecast claiming that the company has lost $3.2 billion.

Sony

The loss was recorded from the past 12 months, ending March 2011. Sony claimed the hacker intrusion incident was not included in these numbers but commented on the estimated cost of the result of the incident.

"As of today," Sony reps said, "our currently known associated costs for the fiscal year ending March 2012 are estimated to be approximately 14 billion yen on the consolidated operating income level." This translates to roughly $171 million in losses.

These losses come from a variety of security and protection program costs, including “personal information protection programs, welcome back programs, customer support, network security enhancements and legal services.”

Sony did not confirm if these costs include the class-action lawsuits filed against the company. Sony has claimed the cases are “all at a preliminary stage” and that the company does not have enough information to accurately estimate the total costs from the suits. Sony has also reported that there have been no reports of identity theft or misuse of credit cards.

There is no word on if this security fiasco will be addressed in Sony's E3 press conference.

Source: http://www.joystiq.com/2011/05/23/psn-breach-and-restoration-to-cost-171m-sony-estimates/

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