Sony trims quarterly loss to $115 million

Published on NewsOK Modified: February 7, 2013 at 4:08 am •  Published: February 7, 2013
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Sony stuck to its forecast for eking out a return to profit at 20 billion yen ($214 million) for the fiscal year through March. It also left unchanged its projection for 6.6 trillion yen ($70.6 billion) in annual sales, up 1.6 percent from the previous year.

Other Japanese electronics makers are also suffering but have gotten some help from the weak yen.

Panasonic Corp. and Sharp Corp. are both expecting massive losses for the fiscal year through March. Panasonic reported last week a 61.4 billion yen ($667 million) profit for the October-December period Friday, reversing from losses the same quarter a year earlier, while Sharp reported a smaller flow of red ink at a 36.7 billion yen ($399 million) quarterly loss.

Sony has promised to reduce the bureaucracy in its managerial ranks and product-development decision-making. It is selling its New York headquarters building for $1.1 billion in a deal set to be completed in March. It has entered a partnership with Japanese medical equipment maker Olympus Corp. to expand in that lucrative field.

Sony was once a brand known for innovation, creating new electronics sectors like the Walkman, one of the first mobile devices to catch on when it became a hit in the 1980s. Some analysts say playing catch-up in smartphones and flat-panel TVs may be too little too late, and the company needs a far more pioneering product if it hopes to regain its historical glamour.

Also Thursday, Fujitsu announced it is slashing 5,000 jobs, or nearly 3 percent of its global work force, by the end of next month, as it seeks to reshape its computer-chip business and overseas operations. Of those job cuts, 2,800 will be in Japan, and 2,200 overseas, mostly in Europe. A more detailed breakdown was not immediately available.

Company spokesman Takashi Koto said the job cuts will be achieved by early retirement, layoffs and other methods.

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Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama

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