Sony is Cutting Jobs From Its U.S. Operations, Gaming Division Unaffected

Sony (SNE-1.9%) is trimming jobs from its U.S. operation, The New York Postsays, which may be connected to marketing budget cuts on movie projects from a studio showing lackluster results of late.

Shares finished down 0.6% in Tokyo.

Sony Corporation of America has already cut about 100 from a 700-person workforce, the Post says, with “most of the senior vice president titles and above” on the way out. “The parent company is taking over,” its source said. “They don’t need a corporate structure in the U.S.”

The American unit includes Sony Pictures, Sony Music and Sony Electronics. Sony Pictures is currently in fifth place in studio market share this year.

Sony’s ADRs hit a 52-week high of $31.33 last week; they’re up 21.9% YTD.

Thankfully, this will not affect Sony’s gaming division which is widely understood to be Sony’s most successful division since the release of the PS4.

Have your say!

0 0

Lost Password

Please enter your username or email address. You will receive a link to create a new password via email.