Sony's Losses mount

Even with Sony's CEO, Howard Stinger, trying to stage a comeback for the company. Sony has reported a $1 billion loss for the fiscal year the ended March 2009, it says its losses will mount to $1.26 billion by the end of the year. Sony, like many electronics companies, has been hit hard by the recession. The failing PSP and PS3 doesn't help too much either.

This Thursday, Sony said it would "ramp up its cost cutting measures". After his start as CEO in '05, Stinger's results aren't really that good. In February, Stinger completely restructured Sony's management, including adding the title of President. All this to try and keep Sony aggressive with companies like Apple and Nintendo. Now all he has to do is bring some life into Sony's product line, a elderly home of gadgets, with old technology, failed ideas, and useless innovations.

Sony also said Thursday that it would be cutting 16,00 jobs and close 6 factories to save $2.6 billion(250 billion yen). It will close 4 factories in Japan and the others in The US, Mexico, France, and Indonesia. Hopefully Sony will be able to dig themselves out of this one.