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| Sony sees first loss in 14 years | Sony sees first loss in 14 years |
| (about 2 hours later) | |
| Electronics giant Sony has reported its first annual loss in 14 years, after being hit by a big drop in sales. | Electronics giant Sony has reported its first annual loss in 14 years, after being hit by a big drop in sales. |
| Sony reported a loss of 98.9bn yen ($1.04bn; £685m) for the year to the end of March, compared with a profit of 369.4bn yen the previous year. | Sony reported a loss of 98.9bn yen ($1.04bn; £685m) for the year to the end of March, compared with a profit of 369.4bn yen the previous year. |
| The company blamed the global downturn and the strong yen for the loss. Worldwide sales were down 12.9%. | The company blamed the global downturn and the strong yen for the loss. Worldwide sales were down 12.9%. |
| It had previously announced it would be cutting 8,000 of its 185,000 workforce and closing 10% of its factories. | It had previously announced it would be cutting 8,000 of its 185,000 workforce and closing 10% of its factories. |
| Exporters hit | Exporters hit |
| Sony's president Ryoji Chubachi stepped down in April as part of a managerial shake-up at the group. | Sony's president Ryoji Chubachi stepped down in April as part of a managerial shake-up at the group. |
| Right now they have no 'Number One' products Fujio Ando, Chibagin Asset Management | |
| However, the loss was not as bad as Sony had expected. It had forecast a loss of 150bn yen back in January. | However, the loss was not as bad as Sony had expected. It had forecast a loss of 150bn yen back in January. |
| Sony's shares closed down 6.8% at 2,400 yen ahead of the results. | Sony's shares closed down 6.8% at 2,400 yen ahead of the results. |
| Several Japanese companies have said they have been hurt by the strong yen, which make exports more expensive. | Several Japanese companies have said they have been hurt by the strong yen, which make exports more expensive. |
| On Tuesday, Hitachi announced an annual loss of 787.3bn yen - a record for a Japanese manufacturer. | On Tuesday, Hitachi announced an annual loss of 787.3bn yen - a record for a Japanese manufacturer. |
| 'Gradual recovery' | |
| Sony, which makes Playstation games consoles and Vaio PCs, forecast a net loss for the current financial year of 120bn yen. | |
| And it said it would carry on with its restructuring programme of closing plants and cutting jobs. | |
| Analysts greeted Sony's results with cautious optimism. | |
| "Their outlook gave me the impression that their business is heading for a gradual recovery," said Fujio Ando, senior managing director at Chibagin Asset Management. | |
| "But it would all depend on whether they would be able to start producing popular products, because right now they have no 'Number One' products." |