X

Sony Swings to First Annual Loss in 14 Years

Global downturn, strong yen reverse earlier expectations
By Jason Farago,  Newser Staff
Posted Jan 22, 2009 6:25 AM CST
Sony Swings to First Annual Loss in 14 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.   (AP Photo/Koji Sasahara)

(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.
(Read more Sony stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X