Sony’s Red Ink: Annual loss of $1Billion

It has been revealed that Sony Corps. have reported an annual loss of USD $1 Billion, which is the first time it has happened in 14 years. It might get even worse for Sony as they also predicted further losses due to a serious slump in the global electronics market.

According to this AssociatedPress report, Sony are planning to introduce measures in order to get their finances back on track. One of these measures has been a decision to close three production plants in Japan.

Sony have said that the path to recovery is not one that will happen straight away, as they projected a $1.2 billion loss for the fiscal year through March 2010.

As well as losing money through their range of digital electronics, Sony have also stated that their gaming console, the Playstation 3 is also losing money and that they have struggled to compete with the financial rewards that Microsoft and Nintendo have gained.

Let us know what you think of Sony’s financial losses. You can read the full article in the link above.