10 May 2012 10:12 AM EST

-by Jennifer Monteagudo, Staff Writer; Image: Kazuo Hirai, Sony Corp.’s new president (Image Source: Playstation.com)

Japanese company Sony just suffered its worst fiscal year in its corporate history, the Associated Press reports via Bloomberg Businessweek.

This is the fourth consecutive year the electronic and entertainments company has recorded a loss, which the AP reported at $5.7 billion, or 457 billion yen. The January through March quarter alone saw a loss of $3.2 billion, marking Sony’s “fifth straight quarterly net loss.”

While Sony once saw success through sales of the Walkman and Playstation consoles, the New York Times reports that it was Sony’s television sector which hurt business. Bloomberg reports that “Sony has bled money for eight straight years in its core TV business.” The Times also blames the company’s losses on a lack of “innovative edge,” saying the Japanese corporation has fallen behind competitors Apple and Samsung electronics. Sony’s shares are at their lowest in 25 years.

According to Bloomberg Businessweek, “factory and supplier damage in northeastern Japan, ravaged by the earthquake and tsunami last year,” only served to worsen Sony’s financial turmoil, along with “production disruptions from the flooding in Thailand.”

Though hemorrhaging financially, Sony is hoping for a turn-around. Last month Kazuo Hirai was appointed president, and the company is now banking on profitable returns via its smartphone and tablet divisions come March 2013. Hirai is also determined to rectify lagging TV sales, and plans on “cut[ting] 10,000 jobs, or about 6 percent of [Sony’s] global work force” to “turn a profit.”

The Times reports that Sony’s “market value is now $15 billion, or just 3 percent of Apple’s.”