Sony shares slump after profit-forecast cut, Q2 loss
Group should reduce costs, launch more aggressive product, business reform: Fitch
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Tokyo
SONY Corp lost US$2.2 billion in market value yesterday after chief executive officer Kazuo Hirai cut his earnings forecast and posted a loss because of stalling demand for Bravia TVs, Cyber-shot cameras and Hollywood movies.
The stock slumped 11 per cent in Tokyo trading, the biggest drop in five years, after Mr Hirai slashed his full-year net income projection by 40 per cent to 30 billion yen (S$378 million). Sony also unexpectedly posted a second-quarter loss, missing analyst estimates for a return to profit.
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