Sony shares hit 32 year low after $1.8bn loss
11th May 2012 | 12:50
Fears over Sony's ability to compete with TV and smartphone market
Sony's shares have slumped to their lowest value in nearly 32 years following the news that the company made an annual loss of $1.8bn last year.
It's believed that investors are concerned about the company's ability to compete in the TV and smartphone market. While traditionally perceived as a global leader in these areas the likes of Samsung and LG have been able to overtake Sony.
The smartphone sector is a similar story with concerns that Sony would be unable to compete with the likes of Samsung's Galaxy S3 and the iPhone 4S despite launching a new range of premium smartphones.
Speaking to Reuters one trader said: "There's really nothing in there that can justify buying the stock. You see the loss narrowing in the TV business. That's fine, but I don't see any future in the TV business, so it doesn't matter what they do."