The Japanese company Sony announced on Thursday that it will eliminate 10,000 jobs by March 2013, as part of efforts to improve the group”s finances, due to predicted multibillion-dollar losses.
Company executives stressed that the adjustment accounts for 6 percent of the total staff reported in late March 2011.
In this regard, they recalled that pro-restructuring charges of 926 million dollars will be reported in the current fiscal year, and operation costs will be reduced.
Sony expects net losses of more than five billion dollars in fiscal year of 2011, exceeding initial predictions for the period.
The company increased its predicted losses for the fiscal year that ended on March 31, as initial estimates showed around 2.5 billion dollars in losses.
The combined losses of Japan’s three largest electronic companies (Sony, Sharp and Panasonic) could reach 21 billion dollars in the fiscal year that has just ended.
The financial sector faced a weak demand, strong competition from companies like Samsung and a strong yen, which affected the competitiveness of Japanese exports.
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