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Sony Shares Fell Down by 8.2% in a Day After Reporting

 

Sony Corporation Shares experienced the most significant drop today – by 8.9% – in trading in Tokyo over the past three and a half years, amid a general increase in the Nikkei index, as Reuters reports.

Quarterly reports and forecasts of annual performance of the Japanese Corporation, which were published on Friday, February 1, after the close of trading at the Tokyo Stock Exchange were reasons for such a fall. Although the operating profit of Sony Corporation in the third quarter of the 2018-2019 financial year was slightly higher than analysts’ forecasts – $3.4 billion against $3.3 billion, but total sales fell down by 10% to $21.9 billion. In addition, the profit in the Corporation’s key division on game consoles and games also fell down by 14%. This figure amounted to $666 million, although a lot of holidays account for this quarter and the Corporation’s sales usually grow in this period. The Corporation sold only 8.1 million PlayStation for the three months, vs 9 million devices, which were sold for the same period in 2017.

Given these indicators, Sony Corporation lowered its forecasts for the results of the entire financial year, which terminates in March. If until now, the Corporation was expecting annual revenue of $79.4 billion, then now, it counts only on $77.6 billion.

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InvestorGreg Editorial Team

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