Sony’s share prices fall to 31 year low after £3.5bn loss

/ 4 years ago

Sony’s share price has fallen to a 31-year low following the announcement of the company’s record 456.7 billion yen (£3.5bn) annual loss.

Shares fell by 6.7 per cent to 1132 yen (£8.79) in response to Sony’s latest financial results, announced yesterday. That report revealed that sales of PS3s, PS2s and PSPs were all down year-on-year.

But Sony boss Kaz Hirai has forecast a healthier outlook for the year ahead, including a return to profit for the firm’s gaming division and an ambitious sales forecast for PlayStation Vita.

“Sony is facing a lot of difficulties and the new president has not been able to produce a clear plan as to how he will turn around the company,” Yuuki Sakurai, president of Japanese finance firm Fukoku Capital Management, told BBC News.

“Even the little that investors have heard, they are not very impressed with.”

Sony was aware such losses were coming – the company last month braced investors it would announce the biggest loss for a decade.

Source: BBC News