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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Sony eyes frail recovery Thu May 14, 2009 2:47pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Sachi Izumi TOKYO (Reuters) - Sony Corp forecast a second straight year of losses as the global recession batters demand for consumer electronics but the Japanese company stopped short of taking any new aggressive steps to cut costs further. The back-to-back annual losses will be Sony's first since its listing in 1958, underscoring deepening troubles for a company that has fallen behind Apple Inc's iPod in portable music, Nintendo Co in videogames, and is losing money on flat TVs. Japanese companies such as Sony, Panasonic Corp and Sharp Corp have suffered an additional blow as the yen's strength made their products less price competitive overseas. Sony said on Thursday it would close 14 percent of its 57 manufacturing sites this year -- slightly more than it previously announced -- but it stood by its plan to slash more than 300 billion yen ($3.2 billion) in costs this financial year. The cost-cut measures include a reduction of 16,000 jobs. Some analysts said Sony, which is feeling the pain in every corner of its operations ranging from semiconductors to movies to insurance, desperately needed a killer product to get back on track and position itself for any recovery. "Their outlook gave me the impression that their business is heading for a gradual recovery. But it would all depend on whether they will be able to start making popular products because right now they have no 'No. 1' product," said Fujio Ando, senior managing director at Chibagin Asset Management. "I see Sony's branding power weakening." Sony, which competes with Samsung Electronics Co in LCD TVs and Canon Inc in digital cameras, said it aims to sell 15 million LCD TVs this financial year, down slightly from 15.2 million last year. The maker of Bravia LCD TVs and PlayStation game consoles forecast its operating loss for the year ending March 2010 would halve to 110 billion yen from the 227.8 billion loss a year ago and less than a consensus forecast of a 132.9 billion yen loss in a poll of 20 analysts by Thomson Reuters. Sony Chief Financial Officer Nobuyuki Oneda said the company expects losses at its electronics operations to widen and its games division to stay unprofitable this financial year. He said its TV operations would likely lose money for a sixth straight year but it aims to bring it to the break-even level in the second half. Nobuo Kurahashi, analyst at Mizuho Investors Securities, said Sony would need more than an improvement in the TV business. "Cost-cutting and wringing profits out of the TV division are important, but that will only take you so far," he said. "What I really want to know is how Sony is going to compete after the economy recovers." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Google eases trademark restrictions on some U.S. ads Also On Reuters Commentary: Miles O'Brien on Flight 3407 Next hot tourist destination: Afghanistan? Blog: Is your neighborhood GM dealership closing? 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