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THURSDAY, NOVEMBER 26, 2009
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Sony Swings to First Annual Loss in 14 Years

Global downturn, strong yen reverse earlier expectations

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(Newser) – Sony announced today that it would go down to its first annual loss in 14 years, after having forecast just months ago that it would turn a profit. The Japanese electronics giant said it expected to lose $1.7 billion, the result of declining demand from the global recession. The BBC reports that Sony has also been hit hard by the strong yen: 80% of its sales come from overseas, and currently the Japanese currency is its highest against the dollar in more than 13 years.

Sony CEO Howard Stringer in Tokyo today. He vowed to turn around struggling Sony Thursday with pay cuts, job reductions and trendier gadgets to trim costs and return to profit.
Sony CEO Howard Stringer in Tokyo today. He vowed to turn around struggling Sony Thursday with pay cuts, job reductions and trendier gadgets to trim costs and return to profit.   (AP Photo/Koji Sasahara)
Sony projected it would report its first annual net loss in 14 years Thursday, and Stringer vowed to turn around the company with pay cuts, job reductions and trendier gadgets.
Sony projected it would report its first annual net loss in 14 years Thursday, and Stringer vowed to turn around the company with pay cuts, job reductions and trendier gadgets.   (AP Photo/Koji Sasahara)
Sony Corp.'s new Bravia TV series are shown in Tokyo in this photo taken on Thursday, Aug. 28, 2008.
Sony Corp.'s new Bravia TV series are shown in Tokyo in this photo taken on Thursday, Aug. 28, 2008.   (AP Photo/Shizuo Kambayashi)
Women stand by Sony Building in Tokyo's Ginza shopping district Thursday, Jan. 22, 2009. Sony went down to its first annual loss in 14 years, it was announced today.
Women stand by Sony Building in Tokyo's Ginza shopping district Thursday, Jan. 22, 2009. Sony went down to its first annual loss in 14 years, it was announced today.   (AP Photo/Shizuo Kambayashi)
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