Sony slides to 4-mth low, plan fails to inspire
Shares of Sony Corp fell to their lowest in nearly four months after the electronics maker announced a new business strategy that failed to encourage investors of its growth prospects.business Updated: Nov 20, 2009 16:34 IST
Shares of Sony Corp fell to their lowest in nearly four months on Friday after the electronics maker announced a new business strategy that failed to encourage investors of its growth prospects.
Sony, which is heading for its second straight annual loss, said on Thursday that it would launch 3D TVs and new-networked products and services as part of a strategy to put it back on a growth track.
But Sony also pushed back an elusive target of an operating profit margin of 5 percent to the financial year to March 2013. CEO Howard Stringer had originally set that target in 2005 for the business year to March 2008.
Shares of Sony were down 2.8 percent at 2,400 yen as of 0024 after earlier hitting 2,375 yen, their lowest since July 29.
The benchmark Nikkei average was down 0.9 percent.