The Japanese electronics giant Sony is slashing 10,000 jobs worldwide, which is approximately 6% of its global manpower. The company, which has been going in a straight four year streak in net annual loss, said it is cutting 6% of its manpower in order to make the company profitable again.

As reported by Nikkei newspaper on Monday, half of the cuts (about 5,000) will come from chemical making business and small to medium sized LCD display panels. It is the first major decision made by new Sony CEO Kazuo Hirari, who believes it as a restricting plan.

Kazuo Hirari took the post of CEO at Sony on April 1, 2012 after Howard Stinger decided to step down from the position, following dismal performance. Sony has not decided the deadline for the job cuts. However, the job cuts are expected to take place within the next two financial years.

After suffering loss for straight four years, Hirari is now focused on to turning around the struggling company into the profitable zone. His main aim is to cut the jobs while retaining the people who can bring future innovation to the company. The job cuts will hit mainly Sony's selling business. Folks at the core of Sony will remain unaffected by it.

Job cuts are also expected in Sony's Television department where the company is facing net loss for the past 8 years. The company has blamed Thailand floods for more than double of its losses in the past financial year, when the company suffered a net loss of $2.7 billion. Reportedly, floods in Thailand killed over 600 people and forcing many manufacturers to down the shutters of their businesses.

Sony is reportedly working on next generation gaming console, which is expected to help Sony regain its position. The new gaming console dubbed Playstation 4 (codename Orbis) is rumored to released in the winter of 2013. So by axing a few thousand jobs and launching a new thrilling gaming platform, the Tokyo-based company is aiming to attract investors back to the firm again.

(reported by Johnny Wills, edited by Dave Clark)