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Transcript by http://www.newsy.com BY DAVID EARL The company that revolutionized mobile music, video gaming, and TV screens is reportedly losing all kinds of money. We're talking about Sony. Here's Fox Business with the headline. "As first quarter earnings season kicks off, Sony is facing its worst loss ever. Sony more than doubled its estimated losses to $6.4 billion." $6.4 billion. How does a company lose that kind of cash in three months? The New York Times says you can blame taxes. "The immediate losses ... came from an additional tax expense ... in the financial fourth quarter because of a revaluation of tax credits in the United States ... The latest forecast is more than twice Sony's previous projection." As for stemming the jumbo losses — The Wall Street Journal says Sony's new CEO is slashing jobs from its more than 160,000-strong workforce. "About 10,000 jobs within the next couple of years are expected to be reduced. The TV business at Sony has lost money for 7 straight years." So the TV unit will see a lot of those job cuts. But the head honchos are suffering too. The Telegraph reports... "The company's top seven executives, including its outgoing chief, would also give up their annual bonus... Sony has blamed tough competition, falling prices, slow demand, the impact of severe flooding in Thailand last year, and the high yen among the reasons for its weak balance sheet." But Bloomberg says Sony will have to do more than just cut its way out of its fiscal problems. "The real problem lies in the fact that Sony is hanging on to its old business model centering on televisions, and missing out on lucrative new business in tablets and smartphones." Sony e-rival Sharp also posted a record loss for the first quarter of 2012.