Recession roundup: Sony warns of $1.7b loss, other companies not doing much better
Evidence that the economy has been ground to a fine powder continues to pile up, and today's brought another batch of bad news. Tales of woe abound, but looming largest is Sony, which announced its 2nd quarter earnings yesterday, then warned today that they expect to post a $1.7 billion loss this year (though we've seen other reports that are now putting the number at well over $2 billion). Additionally, Samsung is expected to post a first-ever quarterly loss when it reports its earnings Friday, which are expected to run somewhere in the neighborhood of a $67.7 million net loss. Moving on, Seagate's also announced an unsuprising cut of about 6 percent of their workforce in Thailand. Finally, LG has reported a $487 million loss, while TomTom announced a "cost cutting program," meaning they're cutting about 7 percent of their global workforce. Seriously, does anyone have a light-hearted Dilbert strip or something to ease some of the pain? Sheesh.
Read - Sony, Warning of Annual Loss, Escalates Cost-Cutting plan
Read - Samsung may report first ever quarterly loss
Read - LG Electronics Posts $487 Million Loss
Read - TomTom Cost-cutting programme
Read - Seagate to lay off up to 800 local workers
