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Sony quarterly loss on weak sales Sony quarterly loss on weak sales
(10 minutes later)
Sony, set to make its first annual loss in 14 years, has reported a quarterly loss as weak sales of goods and a stronger yen have taken their toll.Sony, set to make its first annual loss in 14 years, has reported a quarterly loss as weak sales of goods and a stronger yen have taken their toll.
The firm reported an operating loss of 18bn yen ($200m; £141m) for the October to December third quarter, down from 236.22bn yen profit a year before.The firm reported an operating loss of 18bn yen ($200m; £141m) for the October to December third quarter, down from 236.22bn yen profit a year before.
The broader global recession has hit consumer demand for its products.The broader global recession has hit consumer demand for its products.
Nintendo is set to give its quarterly results too, giving a further indicator of the state of Japan's economy.Nintendo is set to give its quarterly results too, giving a further indicator of the state of Japan's economy.
Job cuts
Japanese firms have dominated the electronics business for decades, but are now suffering.Japanese firms have dominated the electronics business for decades, but are now suffering.
Exporters are struggling from falling worldwide demand for their products.Exporters are struggling from falling worldwide demand for their products.
They have also been hit by a strong yen which currently makes it harder to compete against rivals from countries such as South Korea.They have also been hit by a strong yen which currently makes it harder to compete against rivals from countries such as South Korea.
Last week Sony has said it was going make its first annual loss in 14 years as the global economic slowdown hits demand for its products.Last week Sony has said it was going make its first annual loss in 14 years as the global economic slowdown hits demand for its products.
On Thursday it reiterated its latest forecast of a record 260bn yen operating loss for the year to 31 March.On Thursday it reiterated its latest forecast of a record 260bn yen operating loss for the year to 31 March.
Sony is taking restructuring steps including cutting 16,000 jobs and closing five or six plants.Sony is taking restructuring steps including cutting 16,000 jobs and closing five or six plants.
'Price erosion'
Toshiba has now also said it expects to make a loss for the year to March as demand wanes for semiconductors and flat-screen televisions.
The electronics and engineering giant expects a net loss of 280bn for the 12 months, against 127.4bn yen net profit the previous year.
In a statement, Toshiba said the worldwide economic slowdown "caused rapid price erosion and demand declines in semiconductors and liquid-crystal display" televisions.
One bright spot for the electronics industry has been Nintendo.One bright spot for the electronics industry has been Nintendo.
Its Wii Console and DS handheld device have no real rivals and unconventional games billed as improving fitness or mental agility have wide appeal.Its Wii Console and DS handheld device have no real rivals and unconventional games billed as improving fitness or mental agility have wide appeal.
But overall Japanese exports were down 35% in December, compared to a year earlier, with factories cutting production and laying off workers.But overall Japanese exports were down 35% in December, compared to a year earlier, with factories cutting production and laying off workers.
Japan's Prime Minister Taro Aso has told parliament he will take bold steps to make his the first country to emerge from the global crisis.Japan's Prime Minister Taro Aso has told parliament he will take bold steps to make his the first country to emerge from the global crisis.
Mr Aso is struggling against poor approval ratings - regularly hitting new lows in the popularity stakes - ahead of a general election due later this year.Mr Aso is struggling against poor approval ratings - regularly hitting new lows in the popularity stakes - ahead of a general election due later this year.