Sony reported a 37.1 billion yen first-quarter net loss on Thursday, and maintained its forecast for a second year of losses owing to the global economic slump, the New York Times reports.

The loss, which is the equivalent of $388 million, increases the pressure to perform on Sony Chairman Howard Stringer, who was appointed four years ago to resuscitate the struggling company, the Times says.

Stringer pleged to bring Sony back to profit by streamlining decision-making and more creatively linking the company’s hardware, Web and entertainment businesses, the paper said, adding that the company has been hurt by declining sales as consumers have cut back on purchases of TV sets and other personal technology.

–Tom Gilbert