Sony Announces Billion Dollar Loss, First Time In 14 Years
Jan 14
The global financial crisis really starts to hit home when you see some of the biggest companies in the world declaring a loss. Technology powerhouse Sony is the latest to reveal some rather shaky figures for 2008-2009, during which it not only missed its $2.2billion forecast but actually ended up $1.1billion in the red. To emphasise just how dire a result this is, it’s the first time the company has declared a loss in 14 years and only the second since 1958. The final figure is likely to be even higher; perhaps double what is being quoted so far. It’s certainly been a shaky twelve months for Sony, who announced that it would be closing 10% of its manufacturing plants and slashing up to 16,000 jobs last December in a bid to plug the leaks. Sony’s shares fell 1.5% yesterday following the news and it’s expected to take further steps to restructure its business, though further factory closures in Japan have been denied. - Paul Lester [Reuters] Sony finances technology
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