Sony may post $1.1 billion loss

Reuters reports that Sony Corp "will likely" have an operating loss of approximately $1.1 billion this year, its first in 14 years. According to the wire service, some global economic slump that's going on right now has caused inventory for the company to stack up in all its divisions and prices to fall.

It was already expected that Sony would be cutting thousands of jobs and closing manufacturing plants, but an analyst quoted in the report believes the company will now "further accelerate its restructuring." There's no word on how the PS3 and PSP divisions of the company will be affected. The silver lining in this for consumers is that the PS3 is rumored to receive another price drop in the next few months.
Via: Reuters