Sony has become the latest IT giant to see its share price tumble, following reports that it is on course to swing to heavy loss for its fiscal year.
The consumer electronics titan has refused to comment on reports in Japan’s Nikkei business newspaper that it may post an operating loss of around Y100bn (£740m) for the 12 months to 31 March.
The speculation sparked a nine per cent drop in its share price.
As recently as October, Sony forecast it would rake in an annual operating profit of Y200bn. The vendor has not made an operating loss for 14 years.
But sources quoted in the story claimed the vendor could tumble into the red due to the strong Yen and weak sales in Sony's all-important quarter leading up to Christmas.
The revelations come just a month after Sony unveiled far-reaching restructuring plans that will involve 8,000 job cuts.
Sony said in a statement yesterday: “Sony understands that a story appeared in the media regarding Sony’s expectations on operating results for the fiscal year ending 31 March, 2009. Sony has made no announcement in this regard and at this time has no further comment.”
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