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Sony reports $1 billion annual loss, first in 14 years

Published 05/14/2009, Associated Press

Sony Corp. said it lost 98.9 billion yen ($1 billion) in the fiscal year through March, its first annual net loss in 14 years. It projected it would lose even more money this year amid a serious slump in consumer demand for electronics goods. Sony, which makes Bravia flat-panel TVs and Cyber-shot digital cameras, said today it is closing three plants in Japan to help turn its business around. It is also in the midst of cutting 16,000 workers.

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