Sony shares tumble after record loss

12-05-2012

Sony shares have plunged 6.4 percent to a 31-year low - a day after the consumer electronics giant announced a record US$5.7 billion loss for the fiscal year to March.

Panasonic shares also fell, tumbling 1.55 percent as the Osaka-based firm reported a record US$9.6-billion loss. The company was hammered by a strong yen, natural disasters and stiff competition from foreign rivals. But both firms are forecasting a return to profit in the coming year.


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