As part of an effort to save nearly $1.1 billion a year, Sony announced today that they will be cutting nearly 16,000 jobs, making fewer investments, and pulling out of businesses.
Sony says they will revise their forecast and adjust the restructuring as necessary in the upcoming months.
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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.
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.
Sony says they will revise their forecast and adjust the restructuring as necessary in the upcoming months.
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