Sony shares tank as the tech giant cuts profit forecast, and reports operating losses in more than half of its divisions and racking up net losses of almost 20bn yen, in Q2.
The electronics giant has just seen $2 bn wiped off its values in Tokyo, where shares fell as much as -12.6% to 1,650 yen as investors reacted badly to Sony slashing full year profit forecasts by 40%, or 30bn yen ($305m), and Q2 net loss of 19.3 bn yen.
The NYSE also saw Sony shares slip almost 1.5% to US$17 before the markets opened.
Sony sales were up 10.6% year-on-year in Q2 to September 30, due to the favorable foreign exchange rates and a "significant" increase in smartphone demand.
However, slipping sales in digital cameras, Playstation 2 and PSP, meant the Japanese giant reported operating losses recorded in many of its divisions, including imaging products; games; mobile and heavy losses in home entertainment due to the restructuring of its TV business.
5 out of 9 reported operating losses in Q2, in all.
Sony management revised FY sales downwards by 2.5%, blamed on falling future demand for video cameras, PCs and LCD TVs.