Sony Warns of Three Billion Dollar Loss
Sony Warns of Three Billion Dollar Loss
Posted 01/22/2009 at 1:00pm
| by Andy Salisbury
3
Comments
Print
This year Sony is reporting that they will post a $3 billion annual operating loss due to the deterioration of the global economy. Alongside that, they’re looking to restructure their company a bit, which will include massive layoffs and factory closings.
“The massive economic upheaval being experienced across the world is sparing no one in the consumer electronics world,” said Howard Stringer, the Sony chief executive. He claims that the main problem had been “a significant deterioration” in the company’s core electronics division. Business was notably down across every major line, including games, movies and financial services.
Sony’s stock has declined by nearly 65 percent over the past 12 months, and there doesn’t look to be an immediate fix in sight. One can hope that they’re able to weather the economic storm and get through this, though massive layoffs seem to be an inevitability at this point.
Image Credit: Shizuo Kambayashi/The Associated Press
More like this
Cyberdiver
January 22, 2009 at 3:02pm
They probably took huge writedowns on the PS3 and Flat screen TV's. They should have slashed prices to move the product already produced. Then there was that whole battery thing.
nekollx
January 22, 2009 at 3:47pm
seriously $400 for a Ps3 in a market where people are hisitent to spent $400 on a fully functional mini notebook?
and they still need to get a TV for your fancy PS3 to work while those notbooks already have a TV included for the price.
worm8199
January 22, 2009 at 1:28pm
Did they really lose $3 Billion? I think it should be called wasted. If one year ago their finance people couldn't see that we were headed into a recession, they need new people!
Connect with MaximumPC
Featured Content
We introduce Intel's latest class of tablet killers and review 4 of the first Ultra...
Where have all the memorable videogame enemies gone?
This month's issue
Feature
11 Hardware Hacks
Feature
Overclock Your CPU
How-To
Supercharge Your Smartphone
Build It
A Powerful $830 Rig
Most Commented Articles
Latest Max PC Tweets
- maximumpc: Analysts: 9-Inch Kindle Fire This Summer http://t.co/QDYApwCZ2 hours 17 min ago
- maximumpc: Micron: DRAM Prices Likely as Low as They're Going to Get http://t.co/fFUWuFOm5 hours 14 min ago
- maximumpc: Yar, Mateys! All Of Pirate Bay Made Available As A Single 90MB Zip File http://t.co/j5LHlXEZ6 hours 28 min ago
