Former PlayStation boss and now Sony’s incoming CEO, Kazuo Hirai, has said that the floundering electronics company needs to see a quick turnaround or it could be in “serious trouble.”

Sony’s abysmal financial report announced the company had lost another NZ$2.5 billion in the quarter, marking the fourth straight year of loses. Hirai told the Wall Street Journal that turning the company’s fortunes around would be the biggest challenge of his career.

“I thought turning around the PlayStation business was going to be the toughest challenge of my career, but I guess not.

“It's one issue after another. I feel like 'Holy s***, now what?'”

To turn things around, Hirai believes Sony needs to stop living in the past and basking in long-faded glories.

“We really need to buckle down and be realistic. I don't think everybody is on board, but I think people are coming around to the idea that if we don't turn this around, we could be sitting in some serious trouble.”

The company’s market share has been squeezed by the likes of Samsung and Apple, and by the strength of the Japanese Yen. Sony has also blamed some of its losses on the “deterioration in market conditions in developed countries”, and floods in Thailand disrupting the supply chain.