Printed from http://www.electronista.com

Sony hit with first annual loss in 14 years

updated 01:50 pm EDT, Thu May 14, 2009

Sony records rare loss

Sony today reported its first annual loss in some 14 years, according to the New York Times. During its most recent fiscal year, the company is said to have lost 98.9 billion yen; for the fiscal year ending in March 2010, the company is expecting to record a net loss of 120 billion yen, or $1.26 billion US. The company is only expected to avoid a 150 billion yen loss in part because of newly-favorable Japanese taxes.

The downfall is being blamed on a worldwide decline in sales, including within Japan itself. Complicating matters is a strong exchange rate, which while beneficial to imports for Japan, has diminished the worth of Sony's foreign revenue and increased domestic production costs. Sales in the 2009 fiscal year dropped 12.9 percent from the year prior.

The company is taking dramatic measures to restore profitability, including a new plan which will see three Japanese plants close. Sony has already chosen to freeze the wages of Japanese workers, also cutting bonuses by as much as 53 percent or more.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

D-Link Wi-Fi Smart Plug

Home automation fans have been getting their fair share of gadgets and accessories in the last few years. Starting with light bulbs, a ...

Razer Kraken Pro headset

Gaming headphones are a challenge to get right, for a long list of reasons that are unique to the consumer buying them. Some shoppers ...

Patriot Aero Wireless Mobile Drive

Regardless of how large a tablet you buy, you always want more space. There's always one more movie or another album you'd cram on, if ...

Sponsor

toggle

Most Commented

 
toggle

Popular News