Sony Stock Value Falls to 31-Year Low
After yesterday’s news that Sony lost $5.5 billion at the end of the fiscal year, their stock prices took a terrible tumble, down by 6.7 percent. The loss is the worst in a decade for the company, and according to a post on Eurogamer, this is the lowest stock value the company’s seen in 31 years.
A BBC article offers the insight of Yuuki Sakurai of Fukoku Capital Management, who said, “Sony is facing a lot of difficulties and the new president has not been able to produce a clear plan as to how he will turn around the company.”
That new president, of course, is Kaz Hirai, former PlayStation boss who’s now in the top spot of the company. Sony’s taken a loss for the past four years, consecutively, but Hirai got the CEO position towards the end of the last fiscal year. So while you can’t really say that the financial slide is his fault, it’s definitely his job to clean up the mess.