Tokyo (CNN) -- Sony expects a full year net loss of US $2.9 billion, citing tough domestic and global financial conditions. The Japanese electronics company says it is forecasting a net loss of 220 billion yen or US $2.9 billion for the fiscal year ending in March 2012. Previously, Sony expected to make 90 billion yen (US $1.2 billion).
Releasing its third quarter earnings, Sony says for the quarter ending in December 2011, it lost 159 billion yen (US $2.06 billion). And for the nine months ending in December 2011, Sony reported a net income loss of 201 billion yen (US $2.5 billion).
Sony cited a number of factors for the deteriorating outlook, like the appreciation of the Japanese yen and the flooding in Thailand.
The release of the grim financial news came just shortly before the first press conference of the soon to be new head of Sony, Kazuo Hirai, and the outgoing CEO and president Howard Stringer.