Feeds

Sony stock slides to 30-year low after record loss

Investors unsure tired corp can turn things around

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

Sony shares dropped to a 30-year low on the Tokyo Stock Exchange today after reporting a record loss of $5.7bn.

The Japanese tech goliath predicts the first profit in five years in 2013, but investors seem unconvinced that the company can turn around its TV business and make any inroads into the smartphone market.

Its shares slid 6.43 per cent to 1,135 yen. Sony stock has lost 38 per cent of its value since this year's high on March 16 of 1,832 yen.

The hits have kept on coming for Sony, with insipid consumer appetite for big ticket tellies, PCs and laptops, increased competition in the gaming industry from smartphones and social networks, natural disasters like the 2011 earthquake and the floods in Thailand and that ever-strong yen, which stamps down its overseas profits.

The company has also seemed to lack imagination in its products, failing to produce a popular smartphone, making no impact in tablets and exciting no one in the TV business enough to ignore their economic fears.

Sony hopes that new leadership under president Kazuo Hirai, who used to run the gaming division, and a cost-cutting programme that includes 10,000 job losses will see it return to profitability next year. ®

Application security programs and practises

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.