Partner Article

Sony cuts 10,000 jobs

Electronics giant Sony is set to cut 10,000 jobs as part of a major reshuffle.

In recent months, Sony has struggled to compete with other firms in the television business such as Samsung and LG, while Apple iPhones have challenged them in the telecommunications and audio spheres.

On Tuesday the firm forecast record annual losses of $6.4 billion, double its previous estimate.

Cuts will be made in the next 12 months in a number of areas including the company’s joint venture in making flat screen displays. The firm now plans to focus on digital imaging, games consoles and mobile devices.

The reorganisation will cost the firm £581 million during the next financial year.

In an update on their website,Sony said: “By implementing a rapid decision-making approach that draws on the strengths of the entire Sony Group as “One Sony”, Sony aims to revitalize and grow the electronics business to generate new value, while further strengthening the stable business foundations of the Entertainment and Financial Service businesses.”

Alongside this, the firm laid out a number of key initiatives, including revitalisation of the television business, expanding business in emerging markets, creating new business and accelerating innovation and realigning business portfolio and optimizing resources.

This was posted in Bdaily's Members' News section by Ruth Mitchell .