Sony Profits Plunge 72% on Strong Yen, Slow Exports

Company blames slow economy, strong yen for 25% sales slump across the board

(NEWSER) - Slumping demand, a strong yen, and increased competition knocked Sony’s third-quarter profits off 95% from a year ago, reports CNN. Sony reported profits of $110 million for the quarter ended Dec. 31, down from $2.2 billion a year ago. Sony’s gaming segment was hit especially hard, with its popular Playstation logging a 32% decline. Overall, sales were down 25%. More»

Global downturn, strong yen reverse earlier expectations

(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. More»

(AP) - Sony is slashing 8,000 jobs, or 4%of its global work force, aiming to cut costs by $1.1 billion a year as a global downturn and stronger yen batters profits at the Japanese electronics maker. Sony, which has 185,000 employees worldwide, said today it will complete the layoffs by the end of March 2010. Some 80% of Sony's sales come from overseas. More»

New CEO Kazuo Hirai reportedly trying to cut costs amidst weak TV sales

(AP) - Sony will cut about 10,000 jobs worldwide over the next year as it tries to return to profit, Japanese news reports said today. The decision to slash 6% of its work force comes as it struggles with weak TV sales and swelling losses. New CEO Kazuo Hirai may announce the cuts at a press conference Thursday. More»

S1, S2 computers coming later this year

(NEWSER) - Sony's engineers have come down from the mountain with not one, but two tablet computers. The company says the computers—code-named S1 and S2—will hit stores worldwide this fall, reports the Wall Street Journal . The S1 will be a slate-style tablet, and the S2 will be a shell-shaped device with twin touch-screen displays that opens and closes. Both will run a version of Google's Android operating system designed for tablets. More»