Sony Corp. has announced the biggest and the first loss in last 14 years . Sony expects an annual operating loss of 2.9 billion dollars, the first in 14 years, as the economic crisis batters demand for its televisions, cameras and other goods.
Sony expects a loss of 260 billion yen for the current financial year to March, a dramatic reversal from an earlier goal for a 200-billion-yen profit.
The electronics giant, which is slashing thousands of jobs and axing plants, now sees a net loss of 150 billion yen for the current year, compared with an earlier projection for a 150-billion-yen profit.
The electronics giant, which is slashing thousands of jobs and axing plants, now sees a net loss of 150 billion yen for the current year, compared with an earlier projection for a 150-billion-yen profit.
Sony blamed the worsening business environment, the stronger yen, weak financial markets and restructuring costs for the bleak outlook.
Under its first foreign boss, Howard Stringer, a Welsh-born US citizen, Sony has shed non-core assets and axed thousands of jobs in recent years. Last month it announced 16,000 more job cuts along with factory closures.
