Sony “on track” to save $3 billion
With unemployment queues around the block, studios closing their doors and whole countries going bankrupt, you may be aware that we’re at the nadir of a global recession.
Contrary to popular myth, the gaming industry is not immune to these economic shifts with Sony’s announcement last month revealing the company’s first loss in 14 years. And we’re not talking about a mere bump in the road here. We’re talking a 1 billion dollar pot-hole that could consume an entire bus.
Determined to address their financial woes however, it wouldÂ appear that all signs point towards a Sony recovery.
Speaking to the Wall Street Journal, enigmatic Sony CEO Sir Howard Stringer said:
“We’re making good progress in our restructuring efforts and expect to save over JPY 300 billion (USD 3 billion) in cost reductions in fiscal 2009. I can tell you we believe business is improving, and we hope to improve shareholder value in the months ahead. We’re working on profit recovery and growth strategy, that’s what we’re committed to.”
We’ve already heard about Sony Corporation’s plans to cut jobs and close plants in an effort to streamline their operations. We also know there is a conscientious effort at the company for the internal divisions to actually start talking to one another. Either way, it’s good to hear that the electronics conglomerate is getting the train back on the financial track.
Now, how about that price-cut?