Sony reports net loss of a billion bucks

First time in 14 years that Sony is running low on profit.

Sony has reported its first annual net loss in 14 years and says that things will only get worse this year.

The Japanese electronics and entertainment conglomerate said it lost $1.72 billion in the first quarter of 2009 giving it a net loss of $1 billion for its fiscal year, according to the AP.

Sony said no quick recovery was in sight and thinks it will lose another $1.2 billion for the fiscal year through March 2010.

The company is in the process of handing out pink slips and P45s to 16,000 workers.