Sony Suffers First Annual Loss in 14 Years

Posted on May 14th, 2009 by ElectroGeek

The company forecast an even grimmer year ahead, hurt by a global slump in demand, cut-throat price competition and mounting restructuring costs.Facing more losses ahead, Sony said that it would close three factories in Japan, part of a continuing effort to trim production costs and rebuild a business that has been ravaged by the sharp cutback in consumer spending throughout the world.

Sony expects a net loss of 120 billion yen ($1.26 billion), in the business year ending in March 2010, after a loss of 98.9 billion yen ($1.03 billion) in the fiscal year that just end.

Full Story Via nytimes.com

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