Sony maps out revival plan, says to cut 10,000 jobs

TOKYO: Sony Corp said on Thursday it would cut about 10,000 jobs worldwide this business year as the electronics giant aims to come out of its deep losses, dragged down by its ailing TV unit.

Unveiling a revival plan under its new chief executive, Kazuo Hirai, Sony said it aims to build up its digital imaging, games and mobile businesses, while seeking strategic investments in new areas such as medical equipment.

Sony Corp will explore alliances in batteries for electric vehicles and aims to be a leading player in the global mobile phone market, its new chief executive said on Thursday.

CEO Kazuo Hirai, who took the helm at the iconic consumer electronics maker this month, also told a news conference that Sony would target group-wide sales of 8.5 trillion yen ($105 billion) in the 2014/15 business year with an operating margin of over 5 percent.

He said Sony aims to eventually expand annual medical business sales to 100 billion yen.

Sony on Thursday said that it would spend more than $925 million this year on restructuring costs in a bid to stem massive losses at the struggling Japanese electronics giant.

The firm said its sweeping reforms would cost 75 billion yen ($925.7 billion) this year, while announcing it would slash 10,000 jobs worldwide.