Sony has gone back on its initial forecast of an annual profit for the fiscal year ending in March of 2014. Instead, in a major swing in the opposite direction, the electronics giant is set of post a ¥110 (roughly $1.1) billion loss.
That big loss has forced Sony to cut down on labor. The company intends to trim itself of 5,000 jobs by the end of this year in order to save some cash.
There’s good news in this batch of bad for the electronics and software manufacturer. The gaming division saw a nearly 64 percent boost in profits over last year, thanks largely to the big launch of the PlayStation 4. While certainly not enough to recoup the losses of the other departments below the corporation, it’s good for the PlayStation brand.
If Sony can shed all of the dead weight, like the aforementioned VAIO brand, and focus on the things that are making them money, losses like these will likely be avoidable.