Sony Drops Most in Nearly Two Years on Cooling Smartphone Demand
- Kenichiro Yoshida takes helm after five years of restructuring
- Company sets lower bar after achieving record operating profit
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Sony Corp. shares fell the most in almost two years after the electronics maker missed profit estimates and forecast weaker sales and operating profits across most of its business units.
The stock fell 6.1 percent to 5,073 yen on Tuesday in Tokyo, the biggest one-day drop since June 2016 and the first trading session after last week’s earnings. The move wiped out about $4 billion from the company’s market value, while volume was twice-as-high as the 180-day average.