Sony to cut 10,000 jobs due to annual losses

Things are looking grim for Sony. The company will be getting rid of 10,000 or letting 6% of it’s employees go. The company has been doing poorly over the years, and in order to cut costs the company has decided to, well, cut jobs.

The company has estimated it would have lost $2.7 billion in it’s year end by March 31. Sony has had a rough time over the years (Sony Playstation hack) especially when it comes to how much the company was worth. In 2000 the company was estimated to be worth $200 billion, now it’s valued at $20 billion, ouch. Other factors such as successful companies like Samsung and Apple are partially to blame, but Sony needs to get the Ace out of its sleeve soon.

Source: Bllomberg Businessweek

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