Sony Outlines New Business Strategy, Will Cut 10,000 Jobs

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Associated Press + More

TOKYO (AP) — Sony says it will slash 10,000 jobs, or about 6 percent of its global workforce, and turn around its money-losing TV business in a bid to return to profit after four years of red ink.

New CEO and President Kazuo Hirai outlined his business strategy Thursday at a press conference where he pledged to revive the electronics and entertainment company. Sony earlier this week more than doubled its annual net loss projection for the fiscal year through March to 520 billion yen, or $6.4 billion, its worst ever.

Through cost-cutting, Hirai said Sony would turn around its TV business, which has lost money for eight years, by March 2014.

Sony will also expand its business in emerging markets and medical equipment.

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