Sony will cut approximately 10,000 jobs around the world over the next year as the flagging electronics giant seeks to return to profitability, reports the Associated Press.

The move is said to be incoming CEO Kaz Hirai’s first measure in attempting to return Sony to profitability after consecutive years off staggering losses. Hirai comes from Sony’s PlayStation division, one of its few profitable businesses.

Hirai will hold a press conference on Thursday.

Elsewhere, Sony will merge its LCD panel business with Toshiba and Hitachi, and will sell its chemical business, reports AP.

Sony recently announced a US$2.1 billion loss for the October – December quarter and more than doubled its projected losses for the fiscal year through March 2013.