Sony (SNE) cuts its dividend by 15%. Let’s hope Sir Howard puts the cash he’s saving to good use.
Bloomberg: Sony Corp., the world’s second- largest maker of consumer electronics, reduced its planned dividend payment by 15 per cent after the global recession forced the company to forecast a record operating loss.
The dividend will be cut to 42.5 yen ($0.43) a share for the year ending March 31, compared with the 50 yen that the Tokyo-based maker of the PlayStation 3 and Bravia televisions projected earlier, Sony said in a statement today. The annual dividend is higher than the 25 yen paid out a year earlier.
The reduced payment will conserve cash as Chief Executive Officer Howard Stringer reduces costs to help Sony weather the global recession. Sony is eliminating 16,000 jobs worldwide and slashing its number of manufacturing sites after projecting a record 260 billion yen operating loss for this fiscal year…
The new dividend plan reflects “the deterioration of the global business environment,” Sony said in the statement.
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