Sony Could Post $1.1 Billion Loss for 2008

Reuters is reporting that Sony's yearly losses may mount to $1.1 billion by the time its 2008 fiscal year ends in March.

If proven true, the loss would be the first in 14 years of operation for Sony.

Sony had already begun to brace for the impact of the economic recession in December, announcing plans to slash its workforce by 16,000.

Reuters speculates that the electronic giant will need to adopt more drastic tactics if it posts a loss of that magnitude, including the firing of additional full-time workers and the sale of its financial unit.