Home > Web > Sony To Post Record Loss

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."