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Sony said to be sitting on $1.1 billion annual loss, first in 14 years

Belt tightening at Sony already underway during Sir Howard Stringer's keynote.

There are plenty of directions to point fingers: trying to be a premium brand in a weak world economy, a strong Yen (harder to export) or difficulties in making the PlayStation 3 profitable, but whatever the cause, it looks like Sony lost $1.1 billion last year, the company's first practical loss in 14 years. Of course, the report isn't official just yet, earnings aren't due until the 29th, and Sony has put out a statement to that effect, with no further comment -- but let's just say this is a pretty widely bandied number at this point. This seems to line up with rumors of additional cost cutting, with 16,000 jobs already cut at Sony thanks to the hard times. But don't worry, the VAIO P with Windows 7 will save us all.

[Via Electronista]