The global recession hit Sony, $1 billion annual loss

On Thursday report, it was said Sony lost 165 billion yen ($1.72 billion) in the quarter that ended March 31, the fourth quarter of its fiscal year, compared with net income of 29 billion yen in the year-ago period. Revenue for the three-month period was 1.5 trillion yen ($15.5 billion), a drop of 22 percent from a year earlier.
Adding that to the previous three quarters of fiscal 2008, the company saw an annual loss of 98.9 billion yen ($1 billion). The loss was a dramatic reversal from the preceding fiscal year, when Sony earned 369.4 billion yen. The company blamed the decline on lower sales, increased competition, the stronger value of the yen, and the sluggish Japanese stock market. Annual revenue dropped 13 percent to 7.73 trillion yen ($78.8 billion).
The downturn is forcing Sony to cut costs and staff. The company plans to shut down three manufacturing plants in Japan, reducing the number of worldwide plants from 57 to 49. Sony says it is on track to eliminate 8,000 jobs by year's end, mostly through forced retirement. The company now hopes to reduce costs by 300 billion yen for the year ahead. Despite these steps, Sony said it doesn't expect a recovery anytime soon and is projecting a 120 billion yen ($1.2 billion) loss for the fiscal year through March 2010.
With the price of memory chips dropping faster than the stock market did in October, Blu-Ray will live very short. Soon you'll be able to buy 128GB memory sticks for less than what a blank Blu-Ray disc costs. So you get more capacity, longer shelf life, faster data transfer rates. Since players for electronic chips will have no moving parts, they will also last longer, be cheaper to manufacture, consume less power, make less noise, run cooler, etc....

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