Reuters logo
Sony dives over 6 percent after third quarter results disappoint
February 8, 2013 / 12:35 AM / 5 years ago

Sony dives over 6 percent after third quarter results disappoint

TOKYO (Reuters) - Shares of Sony Corp dropped more than 6 percent to 1,405 yen on Friday after its profit in the October-December quarter missed market expectations, increasing scepticism that the maker of Bravia TVs and the PlayStation can regain its former status.

A shopper walks on an advertisement for Sony Corp's Sony Tablets at an electronic store in Tokyo February 6, 2013. REUTERS/Shohei Miyano

For the three months ended December 31, Sony posted an operating profit of 46.4 billion yen ($498 million), undershooting the average 72.1 billion yen estimated by six analysts according to Thomson Reuters Starmine. That compared with a 91.7 billion yen operating loss a year earlier.

It stayed in the red on a net basis, reporting a quarterly loss of 10.8 billion yen, versus a 159.0 billion yen net loss a year ago. The company stuck to its annual forecast for a net profit of 20 billion yen in the year ending March 31.

“The company’s stock has been bought because of a weakening yen, but unless it can show that its top line is also growing, it does not look very attractive,” said Hajime Nakajima, a deputy general manager at Iwai Cosmo Securities.

Sony’s share price rocketed 42.1 percent in January, catching up with sharp gains in the Nikkei after a lag through November and December. ($1 = 93.2100 Japanese yen)

Reporting by Sophie Knight; Editing by Chris Gallagher

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below