Thursday, February 6, 2014

Sony warns of loss and job cuts

Japanese electronics giant Sony has warned that it would book an annual loss of US$1.08 billion and cut 5,000 jobs while exiting the stagnant PC market this year.
The news came a week after Moody's downgraded the firm's credit rating to junk, saying it had more work to do in repairing its battered balance sheet. Sony said the job cuts would save about US$1-billion a year, starting from early 2015.