It seems Sony is suffering from the Japanese and American economies especially hard these days:
Sony Corp. is expected to post a consolidated operating loss of about Â¥100 billion for the year to March 31, its first loss since 1995, sources said Tuesday.
The projected loss, stemming from a strong yen and sluggish sales of flat-screen TVs and other products, marks a major turnaround from a projection last October of an operating profit of Â¥200 billion.
The major electronics maker is forecast to log its first operating loss in 14 years despite recently announcing 16,000 job cuts and other drastic restructuring plans.
The dismal forecast for Sony shows the severity of earnings deterioration at Japan’s major export-oriented firms in the reeling global economy.
The nation’s top automaker, Toyota Motor Corp., is expecting in fiscal 2008 to post its first operating loss on record, while electronics giant Toshiba Corp. is likely to incur its first operating loss in seven years due to its slumping semiconductor business.