Sony warned Thursday it would book a $1.37 billion annual loss as it cuts 5,000 jobs and exits the stagnant PC market this year, as the once-mighty electronics giant struggles to reinvent itself in the digital age.
The shock news comes a week after Moody's downgraded its credit rating on Sony to junk, saying the maker of Bravia televisions and PlayStation game consoles had more work to do in repairing its battered balance sheet.