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Sony reports first loss in 14 years

Nibble $1 billion down the loo
Fri May 15 2009, 12:33

SONY HAS REPORTED its first annual net loss in 14 years and says that things will only get worse this year.

The Japanese electronics and entertainment conglomerate said it lost $1.72 billion in the first quarter of 2009 giving it a net loss of $1 billion for its fiscal year, according to the AP.

Sony said no quick recovery was in sight and thinks it will lose another $1.2 billion for the fiscal year through March 2010.

The company is in the process of handing out pink slips and P45s to 16,000 workers. µ .

 

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