Sony Swings to First Annual Loss in 14 Years

(NEWSER) - Sony will delay production of its next-generation ultrathin television as the struggling electronics giant seeks to avoid further losses, reports the Wall Street Journal. The organic light emitting diode, or OLED, television was to succeed a three-millimeter-thick model released in late 2007, but will be held back until at least next year. At present Sony is on track for a sixth straight year in the red. More»

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»

(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»

Japanese Electronics maker sees profits tumble 72% for quarter

(NEWSER) - A strengthening yen and declining demand—especially from the US—for consumer electronics provided a one-two punch that knocked Sony profits down 72% for the third quarter, reports the New York Times. Sony shares slid to a 16-year low on Monday, and are down 67% for the year. More»

Nikkei drops as subprime crisis rocks world

(NEWSER) - Global credit turmoil rocked Asian markets today, pushing Japan’s Nikkei to 2007 lows, as US and Canadian firms struggled to meet payments and Wal-Mart and Swiss Bank UBS released disappointing forecasts. Through it all the Yen rose, as risk-averse investors turned to some safe havens in Japan, Reuters reports. More»