Feeds

Sony stock slides to 30-year low after record loss

Investors unsure tired corp can turn things around

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

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. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Bada-Bing! Mozilla flips Firefox to YAHOO! for search
Microsoft system will be the default for browser in US until 2020
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
Be real, Apple: In-app goodie grab games AREN'T FREE – EU
Cupertino stands down after Euro legal threats
'Cleantech' a dirty word for VCs? RUBBISH!
They just think the current schemes are terrible
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The Heartbleed Bug: how to protect your business with Symantec
What happens when the next Heartbleed (or worse) comes along, and what can you do to weather another chapter in an all-too-familiar string of debilitating attacks?
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.