Monday, 10 February 2014

Sony cuts 5000 Jobs

 Sony  has had a rocky couple of years. This week the company announced yet another round of job cuts after failing to deliver a turnaround in its money-losing television and PC units.

"The Japanese electronics firm said as part of its restructuring plans it would reduce its overheads by £600m a year.

Approached by Sky News, Sony UK declined to say what impact this would on its British workforce.
It said "drastic changes" in the computer market meant it would now focus on smartphones and tablets and "cease planning, design and development of PC products".
Large losses in the television sector have previously thwarted the company's ability to compete with smartphone manufacturers Apple and Samsung.
Sony share price since 1990
sky.news
Sony now expects a full-year loss of £660m in the fiscal year ending in March.
This comes after the maker of the iconic Walkman personal stereo and maker of Spider-Man movies held its fiscal year sales projection unchanged at £46bn.
For the fiscal year ending in March 2013, Sony had recorded a £260m profit, despite the firm suffering a £65m loss in the last three months of 2012.
In the latest third quarter it has reported a 24% sales rise, as it expanded smartphone and mobile computing device offerings.


The job cuts - 3,500 overseas and 1,500 in Japan - are to hit Sony's PC and TV divisions and are expected to be implemented by March next year.
It said the Vaio PC division would be sold to Japan Industrial Partners investment fund, in a deal reportedly worth £240m.
Sony will retain a 5% stake in the fund. The TV sector will be unloaded into a separate unit before August this year."

source http://news.sky.com

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