Sony Cuts 10,000 Jobs In Hopes To Restructure Company

Under new CEO Kazuo Kirai, Sony is preparing to cut 10,000 jobs in hopes to turn the company around. Sony's TV department is experiencing large losses due to a tough business climate and lower prices. Sony, Panasonic, and Sharp have a estimated loss of $17 billion.

After last years forecast of a 220 billion Yen loss, Sony is determined to move away from the TV business and focus on more profitable areas.

I would like to see Sony put more emphasis on its mobile division as mobile electronic sales are projected to grow steadily for the next 5 years. Sony has failed to gain significant market share in the cellphone industry, and as a result, it has not capitalized on the booming industry. Samsung and Apple have both done well in the cellphone industry therefore Sony should try to adopt a similar strategy.

http://www.theglobeandmail.com/globe-investor/sony-to-axe-10000-jobs-in-turnaround-bid/article2395708/