Sony Posts $1 Billion loss

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Sony Posts $1 Billion loss

Post  hanner74 on May 15th 2009, 16:12

Times are tough all around, but Sony has been hit particularly hard and today announced their first annual loss in 14 years. According to the company's fourth quarter results, which closed on March 31, Sony experienced a 165 billion yen loss -- roughly $1.72 billion. This same time last year saw a net income of roughly 29 billion yen for Sony, and overall revenues for the quarter are said to have dropped 22 percent. With the three previous quarters tallied up, Sony racked up a total annual loss of 98.9 billion yen, roughly $1 billion. Sony's official loss closely matches estimates published earlier this year by Tokyo-based newspaper Nikkei Business Daily, who anticipated a $1.1 billion loss.

Today Sony also announced a series of plans to reduce operating costs, which will include the closing of eight manufacturing plants and the elimination of roughly 8,000 jobs. Despite the drastic revisions to their manufacturing operations, Sony expects to post similar financial results this time next year. According to the release today, projections have indicated that the company will lose another 120 billion ($1.2 billion) by March of next year.

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