Sony Projects Record $6.4 Billion Loss In 2011, Plans To Cut 10,000 Jobs (VIDEO)
Source: Tim Kelly / Reuters / Huffington Post
TOKYO – Japan’s Sony Corp flagged a record $6.4 billion annual net loss, double an earlier forecast and a fourth straight year of red ink, as it writes off deferred tax credits, heaping more pressure on its new CEO to turn around the electronics giant.
Sony, which plans to axe 10,000 jobs – around 6 percent of its global workforce – according to media reports this week, has been hammered by weak demand for its televisions and overtaken by more innovative gadget rivals such as Apple Inc and Samsung Electronics.
Yet, in a bid to ease investor concerns over its deteriorating bottom line, Sony forecast it would bounce back in the current year to end-March 2013 with an operating profit of 180 billion yen ($2.2 billion).
To read this article in its entirety visit The Huffington Post.
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Pete Dukoski
