Sony shares tumble after cut in profit forecast

Friday 01 November 2013 08.46
Sony's profit forecast has been dragged down by the poor performance of its TV division
Sony's profit forecast has been dragged down by the poor performance of its TV division

Sony’s shares tumbled as much as 10% to a five-month low of 1,690 yen (€12.72) after it slashed its full-year profit forecast by 26% as its struggling TV operation fell back into red.

The consumer electronics firm posted a net loss for the quarter and cut its operating profit estimate for the year ending March 2014 to 170 billion yen (€1.28 billion) from 260 billion yen.

By contrast, Panasonic raised its earnings forecast on strong sales of products like batteries to industry clients, while Sharp bounced to its first quarterly net profit in two years, helped by sales of solar panels.

Panasonic climbed as much as 6.4% to a near 2-1/2 year high of 1,048 yen, while Sharp advanced 1.7% to 294 yen.