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Investing

Sony (SNE) Job Cuts: No Good News For Playstation 3

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

Sony’s (SNE) game console arm is cutting jobs in the US after letting a bunch of folks go in Europe.

As a rule, large companies do not let go of people when business is good. The PS3 has not been selling as well as the Xbox 360 or Ninendo Wii. but Wall St. has hoped that as more game became available for the new Sony platform, sales would rise. Investors have also expected a price cut for the PS3 which is more expensive than its two rivals.

Firings are often a lagging indicator of how well a business has done. But, they can be a leading indicator of how a firm sees its upcoming performance. If Sony sees the future of the PS3 as dicey, cutting costs may simply be a way to staunch the bleeding.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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