Sony cuts 16,000 jobs and reports net loss

Sony is expected to report a $2.9 billion loss this year for the first time the company has reported an annual loss in over 14 years. The company predicted a $1.65 billion profit for the year, and will likely report a $1.65 billion loss for the fiscal year.

Two television plants will be closed due to sliding demand for their product in Japan, where 2,000 employees will be let go. Sony also plans to reduce the number of manufacturing sites by 10 percent, from the 57 manufacturing facilities worldwide. They also hope to reduce investment in the electronics business department by 30 percent, over the next fiscal year, ending March 31.

Sony, like many other companies, including Microsoft, who plan to cut 5,000 jobs, has been struggling during the economic meltdown. Sony has also announced they will be cutting 8,000 jobs in its electronic business departments worldwide, as part of a move to help eliminate costs. The company plans to eliminate an additional 8,000 employees that are mostly temporary and contract workers. Sony's full-time global workforce totals 160,000 employees.

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well its not that much to be honest

Sony has also announced they will be cutting 8,000 jobs in its electronic business departments worldwide, as part of a move to help eliminate costs. The company plans to eliminate an additional 8,000 employees that are mostly temporary and contract workers.

The temporary and contract works is as simple as not renewing their contract and should be the ones that are almost over

Ms did 5k jobs , Sony did 8k

Akaruz said,
well its not that much to be honest



The temporary and contract works is as simple as not renewing their contract and should be the ones that are almost over

Ms did 5k jobs , Sony did 8k


Last time I checked, 8000 is still a lot.

-Spenser

I don't really see a need for Blue-ray unless the cost of the players come down to $50. I don't know anyone who really wants one.

Melfster said,
I don't really see a need for Blue-ray unless the cost of the players come down to $50. I don't know anyone who really wants one.

WHAT!? Boxing day was crazy for blu-ray players here. They had a stock pile on the floors, and days later, all of them were gone. I seen people everywhere shopping for blu-ray players and media.

lylesback2 said,
WHAT!? Boxing day was crazy for blu-ray players here. They had a stock pile on the floors, and days later, all of them were gone. I seen people everywhere shopping for blu-ray players and media.
... and I haven't personally seen anyone buy a BR player. Does one person's observations make it a universal truth?

Can't wait to hear Sony's PR talk about this one and tell us how great it is that now since there are less employees they can release better software/hardware!

Don't worry though! They have a start on the PS3's "Ten year plan".

The ONLY Sony product I love is my 10-year old Discman which still sounds great. Since then I've lost almost all interest in Sony.

Don't count my chickens before they hatch as the headlines tomorrow will probably contradict this.

But this is why they need to be accurate and conservatice on forecasts, reduce profits etc.

Remember when they just cut there forecast down a little but profits stayed high?

Well panasonic stated same costs out going but reduced profits and that's why they are still fighting strong

When Sony won the bluray vs hddvd war, they really screwed themselves by jacking the prices back up on DVDs and players. The only reason adoption was accelerating as because Bluray media and products were becoming competitive with normal DVD products, so it made migrating from one platform to another more attractive to more cutting edge consumers. If they had kept the prices down, adoption would have stayed strong through the past year, and bluray discs would have been a standard/staple buy right now instead of a borderline luxury. This is why Sony finds itself in the ****** today.