Sony shares drop to 31-year low in Japan, 19-year low in US
Shares of Sony stock have dipped to their lowest number in 31 years in Japan and to a 19-year low in the US, following a dismal earnings report for the previous fiscal year. Sony shares dropped 7 percent in Japan, to 1,135 Yen ($14), and 2 percent in the US, closing at $15.37.
Sony CEO Kaz Hirai plans to lose 10,000 employees in a company-wide reorganization effort. Sony reported a net revenue loss of 9.6 percent for fiscal year 2012, dropping from $89 billion to $79.1 billion year-over-year.
