Sony Stock Takes Huge Hit Following Earnings Report

All eyes are on Sony as February 20 approaches.

Following its earnings call where the company lowered projections for PSP and PS Vita sales, Sony’s shares on the Tokyo Stock Exchange took a hit of over 10%. It marks the biggest slide in the company’s Tokyo stock price since 2008.

Prior to the earnings report, Sony’s stock was gaining ground thanks to the declining value of the Japanese yen, which was expected to help the company’s bottom line. This unexpected disappointment in the stock world puts a spotlight on Sony, but more importantly, it makes the company’s plans for February 20 an even bigger deal. The company is expected to show off new PlayStation hardware on that date – and given that the company just released a new handheld last year, that most likely means the PlayStation 4.

At a time where many large game companies are reporting financial losses, and the Vita is off to a much slower start than investors would have liked, the company’s next steps will be important for not only Sony, but for gamers as well.

Source: Bloomberg