Sony Expected To Post First Loss In 14 Years

According to Nikkei, Sony's expected to announce an operating loss of US$1.1 billion (¥100 billion) for 2007-2008 — the first loss in 14 years and second since company was founded in 1958.

Loses could even be double the expected number, Nikkei reported. This comes as the PS3 and Bravia TV maker said it would have to cut 16,000 jobs.

Sony had originally forecast a profit of 200 billion yen for 2007-2008.

The company isn't the only multi-national Japanese corporation facing economic difficulties — Toyota, likewise, has been hit hard by the global financial crisis. Nintendo, however, hasn't.

UPDATE 1-Sony seen posting first op loss in 14 years -Nikkei [Reuters]