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Sony to post first annual loss in 14 years?
Sony is set to post an operating loss of around 100 billion yen ($1.1 billion) for the fiscal year ending March 31, 2009 due to sluggish sales overseas and a stronger yen. This according to Japanese publication Nikkei (as reported by Reuters), which notes it would mark the company’s first annual loss in the past 14 years, and the second since the company went public in 1958.
Even with a recession in full swing, the news came as a bit of a surprise, given that Sony had forecast an operating profit of 200 billion yen ($2.2 billion) for the same period back in October. However, Nikkei claims the final loss could stretch as far as that figure, depending on inventory conditions in its fourth quarter – meaning that the last few months may have really hit Sony hard.
The company also said back in early December that it will cut 16,000 positions, curtail investments, farm out production and move away from unprofitable businesses.
Even with a recession in full swing, the news came as a bit of a surprise, given that Sony had forecast an operating profit of 200 billion yen ($2.2 billion) for the same period back in October. However, Nikkei claims the final loss could stretch as far as that figure, depending on inventory conditions in its fourth quarter – meaning that the last few months may have really hit Sony hard.
The company also said back in early December that it will cut 16,000 positions, curtail investments, farm out production and move away from unprofitable businesses.
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User Comments (2)
Post a comment| Cueto_99 on January 13, 2009 2:23 PM | "...move away from unprofitable businesses." *cough* that
sounds to me like PS3...
|
| siiix on January 16, 2009 10:46 PM | or all the junk digital media devices they produce now year
after year
|
