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Sony earnings disappoint, HP announces job cuts

Sony today reported a first quarter profit of US$26.3 million, falling far short of the consensus estimate of around $200 million. Sony blamed the current state of the worldwide economy for its lackluster results, as revenues for the quarter came in at $13.23 billion. Hewlett-Packard, meanwhile, warned this morning that revenues for the quarter will come in 14 to 16 percent lower than the year-ago quarter, and announced that it would cut 6,000 jobs in an effort to save up to $500 million annually.

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