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 .