© The Financial Times Ltd 2015 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Daily Archives: August 23, 2012
It has not been a great week for Sony employees, as the Japanese consumer electronics group carries out some late-summer pruning on its businesses. Around 1,000 people at Sony Mobile’s operations are to be let go, with two-thirds of the redundancies falling in Lund, Sweden, as the headquarters of the mobile phone unit moves to Japan.
This was widely expected after Sony bought out Ericsson from their Sony Ericsson joint venture last year. In April this year, Sony had announced plans to cut 10,000 jobs globally. About half of these would come from the sale and spin-off of two subsidiaries, but detail about the rest is just starting to trickle through. Read more
After the dotcom bubble popped so spectacularly in 2000-2001, a few glum years for the technology industry have been followed by an equally spectacular run. Apple has roared back from near extinction and this week became the most valuable company in history. Facebook amassed users and mesmerised investors for years before Wall Street staged what now seems a wildly overpriced initial public offering.
Spotify’s international expansion after launching in the US last year is reflected in big leaps in both revenues and losses for 2011. The digital music service’s annual report, recently filed in Luxembourg, showed its revenues more than doubled from €73.9m in 2010 to €187.8m. But at the same time, losses grew by 59 per cent to €45.4m last year. Read more