Sony Reports $1 Billion Loss
While Sony Corporation is making heads roll at the Consumer Electronics Show, it has reported some bad news on the business side. Just like Toyota, Sony Corporation is scheduled to announce its first loss after 14 years.
As most companies, recession and the economic turnstile is to blame for all of these things and from the looks of it, a lot of adjustments are bound to suffice. But that is not all. Technology also had a hand in the loss of income as the demand for HDTV has subsided in most parts of the world. Apparently there is a shift in preference and this comes in the form of the advent of LED based television which was addressed by Sony’s numerous competitors.
The financial recession of course is one culprit, another being the subsided demand for high-definition TVs not only in the US market but in many other countries as well. The value of yen has also been to blame for this loss as it has driven up the price of exports. Stocks for all of the Japanese tech companies plunged today including Canon, Panasonic and Toshiba who were all down about 7 percent.
(Source) Slashgear
[tags]definition_tvs, consumer_electronics_show, sony_corporation, turnstile, business_side, culprit, recession, high_definition, yen, hdtv, panasonic, stocks, canon, toshiba, toyota, sony, television[/tags]
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