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Sony cut profit forecast by 57% for 2009

by Steven Williamson on 23 October 2008, 11:41

Tags: PlayStation3, Sony (NYSE:SNE), PS3

Quick Link: HEXUS.net/qapvf

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In a shock move, Sony has dropped its yearly earnings forecast by 57%.

In July, the company confidently forecasted profits for the current financial year , ending March 2009, to be 470 billion yen (£940m), but today Sony has cut that figure to 200 billion yen, pointing an accustory finger at the strength of the yen against the dollar and the euro, big losses on the Japanese stock markets and stiff price competition.

Even though analysts had predicted that Sony would drop its forecast due to current global economic slowdown and flagging sales of its electrical products, noone had predicted such a huge downgrade.

Following the news, Sony shares have slumped on the Tokyo stock market by 155 yen, to 2295.



HEXUS Forums :: 1 Comment

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stiff price competition.

Well here's a novel idea how about they drop their prices to a more reasonable level. I know Im not the only one who thinks its far to expensive.