( CNN ) -- Sony Corp. lost a record $ 5.7 billion in the fiscal year ending in March , the company announced today -- lower than beleaguered electronics giant 's previous estimates of finishing the year $ 6.4 billion in the red . Still , it was the fourth straight year the company finished the year with a loss . Sony is not the only Japanese electronics giant struggling : On Friday , Panasonic Corp. is expected to announce nearly $ 10 billion in annual losses , according to estimates released by the company earlier this year . Both companies have struggled with ailing television manufacturing divisions , which have lost to lower cost rivals like Samsung and LG , and are hampered by a rising yen which has cut repatriated profits from overseas sales . Sony 's television division has lost money for the past eight years . The search for Sony 's soul . Earlier this week , shares of Sony stock slipped to its lowest level in 25 years . Both Sony and Panasonic have announced restructuring plans and have new leaders running the company . New CEO Kazuo Hirai took the helm on April 1 and promised last month to cut 10,000 jobs -- about 6 % of its workforce -- in the next year . The company predicts a 30 billion yen ( $ 376.5 million ) net profit in the current fiscal year . Kazuhiro Tsuga was appointed new CEO of Panasonic earlier this year . Both Tsuga and Hirai have announced plans to cut the volume of televisions the companies produce . The Japanese economic newspaper Nikkei reported Wednesday Panasonic may swing to a $ 626 million profit this fiscal year , causing the company 's share price to rise nearly 5 % . The company would n't comment on the report , saying in a statement it would release figures on Friday .
Sony lost a record $ 5.7 billion in the fiscal year ending in March . Japanese electronics giant finishes its fourth straight year with a loss . The company predicts a $ 500 million net profit this current fiscal year .