Print 12 comment(s) - last by glennco.. on Apr 9 at 11:50 PM

These cuts come after the news of Sony's 2011 financial loss for the fiscal year, which totaled 260 billion yen, or $3.2 billion USD

Sony has announced that it will eliminate 10,000 employees in the wake of huge financial losses in 2011.

Cutting 10,000 jobs would equate to about 6 percent of Sony's global workforce. In addition to these losses, seven executives may be asked to give up their bonuses, including former CEO and current board member Howard Stringer.

These cuts come after the news of Sony's 2011 financial loss for the fiscal year, which totaled 260 billion yen, or $3.2 billion USD.

Sony has had some serious troubles in recent years that have led to this. One of the major issues was Sony's LCD TV business, which has had eight years of consecutive losses. 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.

In February, Standard & Poor's Ratings Services confirmed an unfavorable outlook on Sony's long-term corporate credit rating. It even dropped its long-term corporate credit and senior unsecured debt ratings on Sony from "A-" to "BBB+."

Newly appointed Sony CEO Kazuo Hirai, which took the position starting April 1, plans to announce his plans for the company over the coming years this Thursday. 

Source: CNET

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RE: Blow me Sony
By quiksilvr on 4/9/2012 1:35:01 PM , Rating: 2
Xbox 360 is going down the same route unfortunately.

RE: Blow me Sony
By 1ceTr0n on 4/9/2012 2:49:31 PM , Rating: 2
Pffft, no its not. Despite 360's faults over the years, its kicking ass and taking names. Why? Because its still so popular

RE: Blow me Sony
By tayb on 4/9/2012 3:13:35 PM , Rating: 2
I believe he was referring to the rumors that the successor to the Xbox 360 will have the same sort of anti-used games nonsense that the PS4 is rumored to have.

RE: Blow me Sony
By dark matter on 4/9/2012 3:33:23 PM , Rating: 2
Being popular does not make you "great". It just means you've fooled a lot of people.

“Then they pop up and say ‘Hello, surprise! Give us your money or we will shut you down!' Screw them. Seriously, screw them. You can quote me on that.” -- Newegg Chief Legal Officer Lee Cheng referencing patent trolls
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