Sony has successfully stayed in the black ever since the mid-eighties but it looks like a $1.1 billion dollars loss will be recorded with red ink. Previously, Sony had stated that company was recession-proof but it only makes sense that consumers would buy less TVs and mobile electronics if they were loosing their homes.
This financial news came after we already knew that the company had big layoffs looming. There will likely be even more layoffs and cost cutting measures taken – like Kodak? – now that the bean counters have computed the losses. Sony has already announced that they are closing factories and major devisions.
After running so well for all those years, Sony is likely going to do whatever it takes to get back in the black. Hopefully all the layoffs and such will result in sliming down the gigantic company back down to the more agile and innovated state that was Sony in the late 80’s and early 90’s.
Update: Sony sez:
Sony understands that a story appeared in the media regarding Sony’s expectations on operating results for the fiscal year ending March 31, 2009. Sony has made no announcement in this regard and at this time has no further comment.
Whatever that means.