Sony Stock Falls in Tokyo After Loss Forecast
The conglomerate has predicted almost half a billion dollars in losses for the current fiscal year.
TOKYO – Stock in Sony Corp. fell 6.1 percent on the Tokyo Stock Exchange on Thursday following yesterday's surprise forecast of another annual loss for the year to March 2015. The Nikkei 225 index fell 0.75 percent.
Sony closed at $16.63 (￥1,695) after announcing a full-year loss of $1.25 billion (￥128.4 billion), and forecasting another $490 million (￥50 billion) of red ink for the year to March 2015, on Wednesday after markets had closed.
The results would have been worse for the last fiscal year had it not been for a weaker yen, which boosts the value of profits when Sony sends them back to Japan.
Despite profits in its pictures, music and financial services divisions, Sony's electronics operations continued to lose money. Neither the successful PlayStation 4 launch nor growth in smartphone sales managed to return their respective divisions to profitability.
CEO Kaz Hirai, who took over from Howard Stringer in April 2012, will lay out further strategies to return Sony to the black at a meeting at the conglomerate's Tokyo headquarters on May 22.