Sony stock price falls to milestone
Source: Agencies |
June 5, 2012, Tuesday
|
Print Edition
Print Edition
SONY'S stock price fell below 1,000 yen (US$12.81) yesterday for the first time since 1980 as global markets slide but also a symptom of its decline since huge success with the Walkman three decades ago.
Battered by competition from Apple Inc and Samsung Electronics Co, Sony has lost money for four straight years - and for eight years in its core television business.
A strong yen, which erodes overseas income, and natural disasters at home and in Thailand, a key manufacturing hub, have added to its woes.
Sony's shares dipped to 990 yen before recovering slightly in trading yesterday on the Tokyo Stock Exchange. The Nikkei 225 stock average fell 2 percent after US hiring slowed sharply in May.
Sony said it was first time that its stock price had traded below 1,000 yen since August 1980 - the year after it introduced the iconic Walkman portable cassette player to the world in 1979.
The stock had peaked at 16,950 yen in March 2000.
Sony, whose businesses run from digital cameras and personal computers to PlayStation game consoles and movies such as "Bad Teacher," last month posted a record annual loss of 457 billion yen for the year through March.
The company is aiming for a comeback under Kazuo Hirai, appointed president earlier this year, who has headed the gaming division and built his career in the US. Sony forecast a return to profit for the fiscal year through March 2013 at 30 billion yen, banking on the growing smartphone and tablet businesses.
Sony also plans to cut 10,000 jobs, or about 6 percent of its global work force.
Battered by competition from Apple Inc and Samsung Electronics Co, Sony has lost money for four straight years - and for eight years in its core television business.
A strong yen, which erodes overseas income, and natural disasters at home and in Thailand, a key manufacturing hub, have added to its woes.
Sony's shares dipped to 990 yen before recovering slightly in trading yesterday on the Tokyo Stock Exchange. The Nikkei 225 stock average fell 2 percent after US hiring slowed sharply in May.
Sony said it was first time that its stock price had traded below 1,000 yen since August 1980 - the year after it introduced the iconic Walkman portable cassette player to the world in 1979.
The stock had peaked at 16,950 yen in March 2000.
Sony, whose businesses run from digital cameras and personal computers to PlayStation game consoles and movies such as "Bad Teacher," last month posted a record annual loss of 457 billion yen for the year through March.
The company is aiming for a comeback under Kazuo Hirai, appointed president earlier this year, who has headed the gaming division and built his career in the US. Sony forecast a return to profit for the fiscal year through March 2013 at 30 billion yen, banking on the growing smartphone and tablet businesses.
Sony also plans to cut 10,000 jobs, or about 6 percent of its global work force.
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