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Sony profits only 32.9 billion yen: layoffs worldwide announced
 Sony Corp, the world's largest consumer electronics company, says that it's latest three-monthly profits of only 32.9 billion yen (304 million $ US) mean that the company has no choice but to lay off 20,000 people around the world.
They equally announced that the cost of the global restructure, the cost of laying these people off and reorganising the company to manage without them will be 335 billion yen ($3.05 billion) over the next three years.
Some critics said that as long as the company is still making millions in profits it is difficult to see why they would want to destroy the lives of 20,000 Sony workers.
Others pointed out that announced cost of re-structuring, 3.05 billion dollars represents 152,000 dollars per person laid off, and that it would surely be more economical and nicer for everyone concerned for the company to simply continue paying their salaries.
Sony's chairman Nobuyuki Idei however rubbished such reasoning.
"This kind of leftist argument was destroyed when the communist block fell apart." he told BIGfib.
"Laying people off is always a good idea, no matter how much it costs, and no matter what happens in the company, and it's great for our share price."
The stock market apparently agreed with Sony shares rising by over 1% to 3860 on the Nikkei following the announcement.
See also : RIAA says Torres case proves lost revenue
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