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Sony, Panasonic stocks hit 30-year lows

 
 
 
 
 
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Panasonic President Fumio Ohtsubo

The stocks of Japan’s electronics giants Sony and Panasonic have plunged to their lowest in over three decades with companies reporting USD 5.7 billion and USD 9.67 billion annual losses respectively.

Sony’s shares dived 6.43 percent to 1,135 yen on Thursday, while Panasonic closed down 1.55 percent at 570 yen on Friday.

The firms’ shares stood at their lowest level since at least 1980, taking into account previous stock splits, according to the online edition of the Nikkei Business Daily.

Meanwhile shares in Sharp, which has posted a record USD 4.7 billion annual net loss, also ended at their lowest level in decades, down 5.10 percent to 390 yen.

The sell-off came after Sony said it lost 456.66 billion yen (USD 5.7 billion) in the year ending in March. The loss marked the company’s fourth consecutive year in the red, though company officials have vowed to swing back to profitability this year.

Last month, Sony said it would cut about 10,000 jobs and spend nearly USD 1 billion on an overhaul that its new chief executive Kazuo Hirai described as “urgent”.

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