Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Sony Slumps Midday on Lower 2019 Forecasts

Published 02/01/2019, 11:26 AM
Updated 02/01/2019, 11:45 AM
© Reuters.

Investing.com - Electronic gaming giant Sony slumped in midday trading Friday as lower demand prompted the company to lower its forecast for the year.

Sony (NYSE:SNE) fell 8% in New York after it lowered its revenue forecast to 8.5 trillion yen ($78 billion) from 8.7 trillion yen due to lower demand for its semiconductors from smartphone makers.

The PlayStation maker reported a net profit of 429 billion yen ($3.94 billion) and an operating profit of 377 billion yen on revenue of 2.4 trillion yen for the October-December quarter.

Meanwhile, Nintendo (OTC:NTDOY) slipped 4% amid reports that the company is developing a smaller, cheaper version of its Switch console. The company cut its sales forecasts for the Switch from 20 million units to 17 million units on Thursday, despite its strongest ever quarter for sales.

Elsewhere, Flex (NASDAQ:FLEX) slipped 2.55%, while NetEase (NASDAQ:NTES) inched up 0.08% and Activision Blizzard (NASDAQ:ATVI) decreased 1.6%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.