Sony feels the credit pinch

Posted by Arutha

December 9, 2008

Sony, the technology giant are letting go of over 8000 staff members in a bid to recover some of its lost profit due to the current economic climate. In October, Sony cut their annual forecasts by almost half due to falling prices, increased competition and poor consumer demand.

This is the biggest number of job losses announced by a Asian firm so far and the job losses are said to be completed by March 2010. Now most of the Sony’s employees work in the electronics divisions, so most of the losses will come from there. However console sales seem to be defying the credit crunch so will the PS3 suffer as a result?

It looks like the global crunch is starting to hit the tech industry in big way…..bad times.

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