It's a cruel world out there at the moment and even the biggest of the big companies start getting into rough financial waters.

With Microsoft experiencing the financial crisis and cutting 5,000 jobs one could only wonder what Sony was experiencing right now after the various reports that they were heading at an operating loss this year.

Bloomberg was amongst the first to receive the news that Sony is heading for a massive $2.9 billion dollar loss this year. This is about 4 times as much as analysts expected and it's the first loss in 14 years, the second biggest ever.

Gamesindustry.biz is reporting that the electronics giant is looking to cut costs by $2.8 billion before March 2010.

They plan to do so by consolidating some major departments like LCD TV, panel and battery operations together with a revision of global hardware and software design and R&D. These measure imply a reduction of the workforce which means axing jobs.

But gamers can rest assure, these cuts and measures won't affect the games division even though they lowered their sales forecasts for the PSP & PS2.

I wonder how this will affect the much requested and rumoured price drop for the PS3... I'm betting it will take a while before we see that one.

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