Sony shares fall after profit forecast

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Friday, 14th May 2010
In Business In Japan,

Sony shares fall after profit forecast

Shares in Japanese electronics firm Sony have fallen sharply following the firm's profit forecast.

The firm's shares tumbled more than seven per cent after it released profit forecasts for the current financial year. As well as the forecast, the company revealed a much lower loss than in the previous financial year, but it seems that this did little to convince investors of its performance.

Commenting, Hisakazu Amaon from T&D Asset Management in Tokyo told Business Week: "Some companies are turning in conservative earnings forecasts because of concern the yen will appreciate and that is causing a correction in share prices."

In its year forecast, the firm also noted that it expects to see a return to profit helped on by the sale of 3D television sets. Sony is set to begin selling the systems in June.

The Japanese economy has struggled through difficult times recently, seeing its deepest recession since the second world war as well as high levels of inflation.

Written by Mark Smith.

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