Sony in Sea of Red Ink: Posts Annual loss of $1 Billion

May 14, 2009

(ChattahBox) — Sony Corps. has reported a whopping loss of $1 Billion USD for the fiscal year ended March, it’s first net loss  in 14 years.  The good news I suppose is that it’s not nearly as bad as the $1.57 billion loss it had predicted in January or even close to the $1.8 billion analysts polled by Thomson Reuters had been forecasting. Revenue for the three-month period ending March 31, was $15.5 billion, a drop of 22 percent from a year earlier.

Sony, once one of the world’s largest consumer electronics manufacturers sees the next fiscal year as more of the same, projecting a $1.2 billion loss in fiscal 2010, according to the company’s leadership. By segment, electronics sales and operating revenue were $55.9 billion, down 17 percent, with an operating loss of $1.72 billion. In its game segment, sales were down 18 percent to $10.75 billion with an operating loss of $597 million. The conglomerate announced Thursday it will close three plants in Japan in 2009 to cut costs, in addition to the five other factories Sony plans to close by March 2010. The move will reduce the number of Sony’s factories from 57 to 49 and cut 16,000 jobs.


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