Sony dives over 6 percent after third quarter results disappoint
TOKYO (Reuters) - Shares of Sony Corp (6758.T) dropped more than 6 percent to 1,405 yen on Friday after its profit in the October-December quarter missed market expectations, increasing skepticism that the maker of Bravia TVs and the PlayStation can regain its former status.
For the three months ended December 31, Sony posted an operating profit of 46.4 billion yen ($498 million), undershooting the average 72.1 billion yen estimated by six analysts according to Thomson Reuters Starmine. That compared with a 91.7 billion yen operating loss a year earlier.
It stayed in the red on a net basis, reporting a quarterly loss of 10.8 billion yen, versus a 159.0 billion yen net loss a year ago. The company stuck to its annual forecast for a net profit of 20 billion yen in the year ending March 31.
"The company's stock has been bought because of a weakening yen, but unless it can show that its top line is also growing, it does not look very attractive," said Hajime Nakajima, a deputy general manager at Iwai Cosmo Securities.
Sony's share price rocketed 42.1 percent in January, catching up with sharp gains in the Nikkei after a lag through November and December.
(Reporting by Sophie Knight; Editing by Chris Gallagher)
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