Sony will cut over 1,000 jobs from its 7,100-person mobile communications workforce following a warning of an annual net loss of $2.1 billion, the company announced.
Yesterday, the company confirmed a new projected loss roughly four-times the amount it initially expected for this financial year based on the difficult smartphone market. While initial projections believed a net loss of $466 million was on the cards for that time frame, it now projects a loss of $2.14 billion.
As a result, the company is reassessing its business focus — which includes moving away from mid-to-lower-range mobile phones — and will instead continue to push its PlayStation division.
The company has already exited the PC market following a continuing decline in consumer interest in DVDs, Blu-Rays and other physical media.
PlayStation 4 consoles continue to perform well, however. Sony previously confirmed57.5 billion yen (or roughly $2.5 billion) generated in sales from Sony's Games & Network Services division, which is attributed to the launch of the system.