Sega Sammy posts loss, job cuts imminent

It's no wonder Sonic is looking blue these days (har har). Sega Sammy has reported a ¥52.47 billion (US $501 million) loss in its fiscal year 2008, with sales of ¥458.98b (US $4.38b). Comparatively, the company posted ¥43.46b net income (¥95.93b difference) with ¥528.4b in sales (¥69.4b difference) in fiscal year 2007.

According to GameDaily, Sega's entertainment group will be cutting 400 jobs and close 110 facilities. The company is predicting that fiscal year 2009, which ends in March 2009, will see a net income of ¥5b with sales of ¥470b.

This article was originally published on Joystiq.