Sony Losses Get Worse – Annual Loss of $6.4 Billion Expected

Sony has more than doubled its projected net loss for the past financial year to 520 billion, its worst loss ever, as an additional tax expense hurt a company already battered by heavy losses in its television business, a strong yen and natural disasters in Japan and overseas. During a news conference at its headquarters in Tokyo on the projected annual loss, equivalent to $6.4 billion, the electronics and entertainment company stopped short of confirming reports that it planned to eliminate 10,000 jobs, a weighty move in a country where staff cuts are considered a breach of a companys social contract.