Sony (NYSE:SNE) reported that it lost 24.6 billion yen ($316 million) during its fiscal first quarter, 77% more than the 15.5 billion yen it lost in the same period last year.
Sales rose to 1.52 trillion yen ($19.4 billion) during the quarter, up 1.4% from 2011.
Investors were unhappy with the results. Sony shares dropped more than 9% in Thursday morning trading in New York.
The electronics maker also reduced its earnings guidance for 2013 to 20 billion yen ($256 million), down from earlier predictions of 30 billion yen. That compares to the 456.6 billion yen ($5.8 billion) loss it posted last year. Fiscal 2012 marked the fourth consecutive annual loss for the Japanese giant, the Associated Press noted.
Once the market leader in electronics, Sony has struggled to compete with Apple‘s (NASDAQ:AAPL) iPod and Samsung’s flat screen TVs. The company’s TV division has lost money for eight consecutive years. That isn’t expected to change this year.
Sony blamed unfavorable exchange rates due to the rising yen for eroding profits during the first quarter. It also noted lower sales of LCD TVs and its video-game consoles.
During the quarter, Sony recorded 11.3 billion yen in restructuring charges and 20 billion yen in additional taxes.