Sony Set To Cut 4% Of Its Workforce To Save On Costs

Washington (dbTechno) - Sony Corp in Japan has announced that they are going to cut 4% of their workforce, or roughly 16,000 jobs.

The goal is to try and save $1.1 billion each year by cutting costs as the economic crisis gets worse.

Sony continues to have problems in the electronics industry as they trail companies such as Microsoft and Nintendo in the video-game market, as well as Apple in the portable music player market.

Sony has yet to come out with an answer to the Apple iPod that is seen as a true competitor, and their Sony PlayStation 3 continues to fall behind both the Xbox 360 from Microsoft, and the Wii from Nintendo in terms of sales.

The demand for electronic products from Sony continues to decline with the economic crisis getting worse.

This year alone, shares of Sony have dropped by over 50%, and thinsg may get worse before they get better.