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Sony promises change after record loss

Financial Times - Apr 12, 2012

Sony’s accelerating retreat from television manufacturing was underscored on Thursday as its new chief executive outlined a business strategy that excluded the once-signature product from its “core” electronics operations.

In his first presentation to journalists and stock analysts since taking over as CEO on April 1, Kazuo Hirai said he intended to restore the struggling Japanese group to profitability by focusing on video games, mobile phones and digital imaging products such as cameras and image-sensing microchips.

Mr Hirai confirmed reports circulated privately by Sony officials that the company, which on Wednesday estimated that it lost a record Y520bn (£4bn) in its last fiscal year, would eliminate 10,000 jobs, or about 6 per cent of its global headcount, over the next three years.

Sony came to dominate the global television business in the age of boxy analogue sets after launching its hit Trinitron series more than 40 years ago. But it has struggled to compete against South Korean and Taiwanese producers in the age of digital flat-screens, and the TV division has lost money for eight straight years.

Read Full Article from Financial Times

- Posted: 2012-04-12 11:25:26

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