Sony Reports Record Drop in Worldwide Sales

Electronics giant Sony has reported its first annual loss in 14 years, after being hit by a big drop in sales.

Sony reported a loss of USD 1.04 B for the year to the end of March. The company blamed the global downturn and the strong yen for the loss. Worldwide sales were down 12.9%.

It had previously announced it would be cutting 8 000 of its 185 000 workforce and closing 10% of its factories, the BBC reported.

Sony's president Ryoji Chubachi stepped down in April as part of a managerial shake-up at the group.

Sony's shares closed down 6.8% at 2,400 yen ahead of the results. Several Japanese companies have said they have been hurt by the strong yen, which make exports more expensive.

On Tuesday, Hitachi announced an annual loss of JPN 787.3 B, a record for a Japanese manufacturer.

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