Sony shares jump after company forecasts smaller loss
TOKYO (Reuters) – Shares of Sony Corp (6758.T) surged and hit their daily trade limit on Thursday after the Japanese consumer electronics and entertainment group said its annual net loss will likely be smaller than previously forecast.
Sony, which also forecast a full-year operating profit instead of a loss, was last up 14.7 percent at 3,174 yen.
Jefferies said Sony’s results released Wednesday were “the strongest result in the last decade.”
“We believe this outstanding performance is the result of company’s renewed focus on profitable businesses where Sony has competitive advantage in oligopoly businesses, while de-risking Sony group by stepping away from commoditized consumer electronics products like PC, TV, and mobile-phones,” said Atul Goyal, analyst at Jefferies.
(Reporting by Ritsuko Ando and Tokyo markets team; Editing by Chris Gallagher)