Sony To Post Record Loss

Sony To Post Record Loss

Things are dark at Sony. According to Reuters, the Japanese electronics giant is set to report a massive $2.9 billion operating loss, its first loss in 14 years.

Falling demand for its products and a strong yen, making exports more expensive, are the chief factors behind the slide. The company is going to strengthen the cost-cutting plan it announced last month, but it will keep investing in fields like auto-use batteries.

Sony Chief Executive Howard Stringer told a news conference yesterday:

"While these are extremely challenging times, we must be fully prepared to embrace the opportunities that await us once these dark economic clouds begin to part."

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