Japan Video Games Blog


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Tuesday, July 29, 2008

Bloomberg.com: Japan

July 30 (Bloomberg) -- Sony Corp., the world's second- largest consumer-electronics maker, fell to the lowest in more than three months in Tokyo trading after the company said profit will decline more than previously forecast.

Sony lost 3.1 percent to 4,080 yen as of 9:27 a.m. on the Tokyo Stock Exchange, the lowest since April 15. The benchmark Nikkei 225 Stock Average rose 0.9 percent.

Concern about the impact on demand as economic growth slows in the U.S. prompted HSBC Holdings Plc to reduce its rating on Tokyo-based Sony to ``underweight.'' Sony yesterday cut its full- year net income forecast by 17 percent on smaller-than-projected earnings from its handset unit and lower electronics prices.

``We remain concerned about the ability of the electronics division to remain immune to a worsening macroeconomic environment in the U.S.,'' Carlos Dimas, a Tokyo-based analyst at HSBC who previously rated Sony ``neutral,'' wrote in a report yesterday.

The company said net income dropped 47 percent to 35 billion yen ($324 million) in the first quarter ended June 30. Profit was 41 percent lower than the median estimate of five analysts surveyed by Bloomberg.

Sony said it was ``cautious'' on demand for its Cyber-shot cameras and Bravia flat-panel televisions as the U.S. and European economies slow. It also said China was a ``concern'' as demand has been less than the company expected.

To contact the reporter on this story: Hiroshi Suzuki in Tokyo at Hsuzuki5@bloomberg.net.

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