ShoppingSony shares tumble 7% after profit warning
Sony Corp. shares tumbled as much as 7% in Tokyo trading Friday, the first session since the consumer-electronics giant said it would report an annual loss for the first time in 14 years and will accelerate a program of spending cutbacks.
Selling pressure on the stock gained momentum as the dollar eased to 88.55 yen at midday Tokyo, down from its previous close of 88.85 yen. The consumer electronics giant said late Thursday it expects to post a net loss of 150 billion ($1.7 billion) yen for the fiscal year ending March 31. As recently as October the firm had forecast a net profit of 150 billion yen. Sony also lowered its sales forecast to 7.7 trillion yen. Sony shares were off 7% at 1,805 yen with about 45 minutes of trade remaining Friday.
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