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Sony to cut 16,000 jobs to reduce costs
Japan's Sony Corp said it will cut 16,000 jobs, curb investment and pull out of businesses to save $1.1 billion a year as the financial crisis ravages demand for its electronics products. The job cuts are the biggest announced by an Asian company so far in the crisis and underscore the challenges facing Sony, which has fallen behind Apple Inc's iPod in portable music and is losing money on flat TVs.
Sony said it would cut 8,000 regular workers, or roughly 4 percent of its workforce of 185,800, and an equal number or more temporary and contract staff. But analysts warned the measures may not be bold enough to streamline a sprawling empire that ranges from semiconductors to movies and insurance. The cuts are also risky because they mean Sony will be investing less in future growth.
Posted by | Tue, Dec 09, 2008 - 12:01 PM
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