Ouch… Sony Ups Prediction of Financial Losses

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sony-logo-001Despite its best efforts, Sony is raising the amount it is predicting to lose this financial year. The loss is now expected to be $2.2 billion rather than $1.7 billion. The company is also planning to layoff 15% of its 7,100 employees. The cuts will come mostly from its retail market related to mobile devices and tablets. In fact, the losses are so bad that the company will not pay a stock dividend for the first time since 1958 – a mear twelve years after its inception.

Unfortunately Sony as a whole is still not profitable and we’ve spoken of some of this before, both here and here. After spinning off its television and display division, Sony also sold its computer division to a fellow Japanese company. It also sold its corporate headquarters and is now renting space within the building. PlayStation has remained one of the few profitable sources…

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