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Tuesday, 13 January 2009 09:27

Sony to post a $1.1 billion operating loss

Written by Nedim Hadzic

Image

For the first time in 14 years

 

The global economy downturn picks no sides it seems, as analysts report that Sony is expected to post an operating loss of around $1.1 billion in the business year to March 31.

The reason for this is reported as sluggish sales and a stronger yen, but Nikkei reports that we might even see these figures double, and Yahoo Finance cites another unnamed source which confirms the estimate.

The higher than expected loss could put more pressure on Sony execs to accelerate a restructuring plan announced last month, under which the company would cut 16,000 jobs and further curb investment.

Recent stock exchange activity saw Sony drop by 8 percent and Toshiba Corp by 7 percent, which was also predicted by the Japanese media. It’s important to note however, that this is the first time in 14 years that Sony could post an operating loss, and only the second the company has faced one since it went public in 1958.

Sony refused to comment, dismissing such claims as pure speculation. On the other hand, Nintendo appears to be on the safe side, for now at least.

You can find an in-depth report here.

Last modified on Tuesday, 13 January 2009 11:01

Nedim Hadzic

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