(Image Source: Bettor.com)

BY LUKE LEONARD

ANCHOR CARISSA LOETHEN



Consumer electronics giant Sony has found itself in steep financial decline, and is now planning to cut thousands of jobs in an attempt to pull themselves out. WINK News has more details.

“Sony is reportedly going to cut 10,000 jobs worldwide; a six percent reduction in its workforce will take place over the next year. The company is struggling with weak TV sales and growing losses.”

Unfortunately for Sony it’s having to battle with external problems too. A blogger for Techzone 360 reported some of the issues surrounding Sony’s economic decline and suggest they have a long way to go before things will be looking up.

“Sony's recent economic history reads more like a tragedy, with four consecutive years of annual losses …  external problems like the strong yen and production difficulties caused by the flood in Thailand are also significant impacts on Sony's bottom line … Sony does indeed have a lot of ground to cover before it can return to profitability company-wide.”

Although Sony has recently successfully released some new innovative products, their sales are still very dependant on consumer spending. A reporter for Wall Street Journal says the reason Sony is struggling in the current market is partially due to consumer expectations.

“Also the overall TV market has been very tough and the consumers expect prices to go down 20-30% every year, and that’s not good if you’re a manufacturer.”  

Sony is having troubles in the LCD TV department which a writer for Daily Tech says contributed largely to their $3.2 billion US dollar loss in 2011. She writes that in combination with the massive cull of jobs, Sony made changes to their LCD TV business in an attempt to turn their financial path around.

“The realization that this sinking ship will likely never produce any annual profits led Sony to shake up its LCD TV business last year, then eventually sell its 50 percent manufacturing stake to Samsung in their LCD joint venture called S-LCD Corporation.”

Just 3 months ahead of tech convention E3, rumors are circulating that Sony could announce a new innovation in their Playstation line -- which could be just what they need to return to profitability.
 

Sony Announces 10,000 Job Cuts

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Apr 9, 2012

Sony Announces 10,000 Job Cuts

(Image Source: Bettor.com)

BY LUKE LEONARD

ANCHOR CARISSA LOETHEN



Consumer electronics giant Sony has found itself in steep financial decline, and is now planning to cut thousands of jobs in an attempt to pull themselves out. WINK News has more details.

“Sony is reportedly going to cut 10,000 jobs worldwide; a six percent reduction in its workforce will take place over the next year. The company is struggling with weak TV sales and growing losses.”

Unfortunately for Sony it’s having to battle with external problems too. A blogger for Techzone 360 reported some of the issues surrounding Sony’s economic decline and suggest they have a long way to go before things will be looking up.

“Sony's recent economic history reads more like a tragedy, with four consecutive years of annual losses …  external problems like the strong yen and production difficulties caused by the flood in Thailand are also significant impacts on Sony's bottom line … Sony does indeed have a lot of ground to cover before it can return to profitability company-wide.”

Although Sony has recently successfully released some new innovative products, their sales are still very dependant on consumer spending. A reporter for Wall Street Journal says the reason Sony is struggling in the current market is partially due to consumer expectations.

“Also the overall TV market has been very tough and the consumers expect prices to go down 20-30% every year, and that’s not good if you’re a manufacturer.”  

Sony is having troubles in the LCD TV department which a writer for Daily Tech says contributed largely to their $3.2 billion US dollar loss in 2011. She writes that in combination with the massive cull of jobs, Sony made changes to their LCD TV business in an attempt to turn their financial path around.

“The realization that this sinking ship will likely never produce any annual profits led Sony to shake up its LCD TV business last year, then eventually sell its 50 percent manufacturing stake to Samsung in their LCD joint venture called S-LCD Corporation.”

Just 3 months ahead of tech convention E3, rumors are circulating that Sony could announce a new innovation in their Playstation line -- which could be just what they need to return to profitability.
 

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