10,000 jobs around the world are to be cut at Sony. It's the result of an extraordinary last twelve months for the Japanese electronics giant which has been trying hard to shield itself from a huge battering to its bottom line.
Axing 6% of its global workforce wasn't unexpected though: the firm lost $6.4 billion last year - that's double what they'd forecast to lose and it's the fourth year running they've been in the red.
At a press conference Sony's Chief Financial Officer Masura Kato said he's prepared to take 'painful steps': 'There are many factors that have hit us, starting with the impact of last year's earthquake and tsunami. There's also been the continuing strength of the yen, flooding in Asia and a very difficult maturing market in the US, but looking ahead we will strive to return to profitability'
And if you also throw in the news that Sony seems to have lost its mojo on the popularity front (Apple, LG and Samsung seem to be the real frontrunners right now), couple it with the weak demand for its TVs, and it looks like that road back to profitability could be a long and very eventful one. Sony says it will now focus on three business areas: digital imaging, games consoles and mobile devices.