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Sony to post first loss in 14 years

Sony has warned that it will post an operating loss of $2.9 billion for the year

Sony has warned that it will post a $2.9 billion annual operating loss for the financial year to end of March.

The loss, Sony’s first in fourteen years, was blamed on the deteriorating economic climate and the strength of the Yen.

For the financial year ending in March, it expects to make a net loss of 150 billion yen ($1.7bn), compared to an earlier forecast of 150 billion yen profit.

The company expects to lay off some 2,000 workers from its TV production facilities, in addition to the 16,000 full time and contract jobs that it announced it would cut last month, in attempt to restructure the company to cut expensive factory costs.

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