Sony To Post $1.1 Billion Operating Loss
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Reports are floating around that on January 29, Sony Corporation will likely post an an annual operating loss of $1.1 billion. The Japanese company has struggled because of the combination of the sluggish global economy, stockpiling inventories and the more expensive yen. If this loss actually happens, it would be the firm’s first in 14 years.
Shares of Sony tumbled 9 percent, slicing $2 billion off its market value to $22 billion, while rival Toshiba Corp dropped more than 8 percent after Japanese media said it too was headed for a big loss this financial year.
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