According to a report published on Monday in Japan's largest business daily, Sony will cut 10 percent of its global work force as part of a plan to increase profitability. These reports have not been confirmed by Sony, but the company is facing steep competition in the consumer electronics industry as the prices for many of its core products fall. Sony has also started eliminating jobs in its music division and in other parts of its business in recent months.
See Ken Belson, The New York Times, October 20, 2003