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Sony expects record $3 billion loss - Sony expects record $3 billion loss
Thu, Jan 22 2009 | 2:16PM | Filed under: Business / Industry| PermaLink Posted by: STAFF

Sony, the Japanese electronics company, said Thursday that it would post a record annual operating loss of nearly $3 billion because of the rapid deterioration of the global economy. It also announced a major restructuring that will include layoffs and factory closings. "The massive economic upheaval being experienced across the world is sparing no one in the consumer electronics world," Howard Stringer, the Sony chief executive, said at a Webcast news conference in Tokyo. Stringer said the main problem had been "a significant deterioration" in the company's core electronics division. But business worsened across every major line, including games, movies and financial services, even as competition from Apple's iPhone and Nintendo's Wii game console turned up the heat.

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