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Sony's Hirai Selling Properties Instead of TVs as Revival Stalls

February 7, 2013
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Sony Corp. President Kazuo Hirai is relying on selling real estate to make the company's first profit in five years as he struggles to find products able to compete with Apple Inc. and Samsung Electronics Co. devices.

Japan's largest consumer-electronics maker posted an eighth straight quarterly loss and again cut sales targets for TVs, gaming devices and compact cameras. It reiterated a forecast for full-year net income of 20 billion yen ($213 million), including gains from the $1.1 billion sale of a New York building.

"Having assets to sell is saving Sony,"

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