TOKYO, May 14 (UPI) -- Japanese electronics giant Sony Corp. reported a loss of $1 billion for its fiscal year ending in March and said it did not expect a turnaround this year.
Sony said it expected its first annual loss in 14 years would be followed by more losses in fiscal year 2009, which began April 1, Kyodo news agency reported Thursday.
The year just ended included a prolonged sales slump, as European and U.S. economies spent 2008 in a steep recession. Like many Japanese firms, most of Sony's business relies on exports.
The year was a sharp reversal of fortunes. At the end of fiscal year 2007, Sony reported a profit of $3.8 billion.
Sony said sales dropped 12.9 percent compared to a year ago, as consumers retreated from spending.
To trim losses, Sony said it would cut 16,000 jobs in 2009 and close three factories, Kyodo said.