Sony Corporation (SNE)Sony freezes staff wages
Gamesindustry - March 19, 2009
Submitted by mrahaju (9)
at 7:06AM PST on March 19, 2009
Sony Corp has frozen its employees' salaries for a year starting in April, in an attempt to improve the company's flagging profitability.
Earlier this year, Sony announced plans to cut USD 2.8 billion costs by 2010, following estimates that it is to lose JPY 150 billion (USD 1.68 billion) for the financial year ending March 2009.
Sony Corp's stock price finished trading at USD 20.87 per share, up by 2.05 per cent or USD 0.42, from the previous close.