Japanese Consumer Electronics giant Sony has announced that it will cut 8,000 jobs worldwide in a bid to save more than $1 billion as the firm seeks to revive its fortunes amidst growing competition, a slowing global economy and stronger yen.
An additional 8000 temporary jobs will be cut with 10 percent of the company's manufacturing website being closed altogether by April 2010 and it is likely that Sony will reduce its investment in research and development in the medium term as well.
Sony, which has more than 185,000 employees worldwide and 57 manufacturing sites has felt the slowdown the hard way as customers worldwide stopped spending, sending Sony's profits down 72 percent from July to September this year.
Experts reckon though that it might not be enough to stop Sony's financial woes, hinting at a more radical transformation within the company.
Sony, which is losing money for each Playstation 3 console produced, is said to be mulling plans to outsource the manufacturing of CMOS image sensors which would benefit OEM specialists in Taiwan and Korea.
Sony cuts 8,000 jobs - but Wii consoles Nintendo
Sony slashing 8,000 jobs amid global downturn