July 30, 2009

Sony to cut 16,000 jobs

Japanese electronics giant Sony said it would cut its workforce by 16,000 and close factories after posting losses in the most recent quarter.

Sony posted a net loss of $390.5 million in its fiscal first quarter, with overall sales dropping 19.2 percent compared to same period of 2008, The New York Times reported Thursday.

The company currently operates 57 factories worldwide. But sales have slumped 27.3 percent across a broad swath of Sony products, which include Bravia LCD televisions, digital cameras, Walkmans, PlayStation game platforms and computers.

In the quarter, Sony's motion pictures division posted a gain of 6.5 percent in sales, propped up in part by the success of Angels & Demons, a movie starring Tom Hanks, the Times said.