Sony shares drop by 10 percent
In the wake of a $115 million loss in Sony's third quarter, its stock price has taken a significant hit, reports Bloomberg. Shares dropped from ¥1,530 ($16.51) to ¥1,365 ($14.78), a decrease of 10.78 percent. Bloomberg notes that this is the eighth consecutive quarter that Sony has posted a loss, and that the stock price decline is the largest the company has seen since November 2008. Investors had hoped the weak Yen would help bolster the company's earnings.
The decline in stock price follows a string of troubles for Sony. Late last year, the company saw its credit rating dropped to junk status, despite its attempts to restructure in order to stem losses. It's worth noting that, while Sony did indeed post a loss for its third quarter, the loss was significantly reduced versus the same quarter in its fiscal 2011. Nevertheless, the games division saw significantly decreased sales, and the company cited the "slow penetration" of the PlayStation Vita as a "particularly important" issue.
[JMik via Shutterstock]
