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Sony Announces Their First Loss in 14 Years  Print E-mail
Home Theater News Industry-Trade News
Written by AVRev.com   
Thursday, 14 May 2009

Sony has announced its first annual loss in fourteen years: a $1 billion loss for the fiscal year of 2008.  This net loss joins the predictions from top experts at Sony that the fiscal year ending March 2010 will see an even larger loss, calculated at $1.26 billion.

Sony insiders point to a strong yen, reduced sales and pricing competition as major factors in the loss, while the Associated Press points to the PlayStation 3 and PSP struggle for market shares in Sony’s ailing gaming sector.  Sony will introduce cost-cutting action to battle these losses, which include cutting over 16,000 jobs, closing four plants in Japan and doing the same for several in other countries around the world.

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