Company forecasts first loss in decade, to cut 10,000 jobs

Thursday, Sept. 22, 2005 | 9:51 a.m.

Sony Corp. forecast its first loss in more than a decade and said it will eliminate 10,000 jobs after competitors such as Apple Computer Inc. and Sharp Corp. took the lead in music players and televisions. The company's shares slid.

The world's second-largest consumer electronics maker aims to trim its workforce by 6.6 percent by March 2008 and shut 11 factories, Chief Executive Howard Stringer said at a press conference in Tokyo today. He predicted an annual loss of 10 billion yen ($90 million), reversing a July profit forecast.

Stringer's job-cut program is half the size of predecessor Nobuyuki Idei's three-year plan announced in 2003, which failed to prevent the company's electronics business from suffering two years of losses.

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