Times are not good for electronic giant Sony as they posted a massive loss today, double what the company were predicting. The lossess come after they announced yesterday that they would be shedding 10,00 jobs world wide.
Sony were always expected to make losses this reporting period but it is the size of the loss that has amazed analysts. The division that is losing the most money is the flatscreen tv division with Apple and Samsung taking over that mantle with tablets etc. The positive news is that the company will make an operating profit of $2.2 Billion.
There has been a change in CEO for Sony too with the Kaz Hirai stepping into the hotseat. Hirai worked wonders with the Playstation division and it is hoped his knowledge and ideas will make the whole organisation economically stronger. Sony is not he only Japanese firm seeing financial losses, NEC, Sumco, Sharp Copr and others are seeing a down turn.
Sonys Chief financial officer Masaru Kato said: ‘There have been several reasons for our poor results, We are aiming for a rebound and for this we have made management changes.
Shares were down by more that £5 on the news of the losses and that means that Sonys stock as nearly halved in values in only a year. Sony will need to up their game if they want to compete with Apple and Samsung and become a power hours once more.
We report on everything from football and boxing, to Formula 1 and Cricket. Sports are diverse and all equally deserving of attention