Sony shares hit 32 year low after $1.8bn loss

Sony is expected to shortly announce its first annual profit in nearly five years, even that however can't hide from the fact the company made a loss of $1.8bn

 

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." (T3)