1 month ago
Stock Market

Sony Slumps Midday on Lower 2019 Forecasts

Investing.com - Electronic gaming giant Sony slumped in midday trading Friday as lower demand

Investing.com - Electronic gaming giant Sony slumped in midday trading Friday as lower demand prompted the company to lower its forecast for the year.

Sony (NYSE:SNE) fell 8% in New York after it lowered its revenue forecast to 8.5 trillion yen ($78 billion) from 8.7 trillion yen due to lower demand for its semiconductors from smartphone makers.

The PlayStation maker reported a net profit of 429 billion yen ($3.94 billion) and an operating profit of 377 billion yen on revenue of 2.4 trillion yen for the October-December quarter.

Meanwhile, Nintendo (OTC:NTDOY) slipped 4% amid reports that the company is developing a smaller, cheaper version of its Switch console. The company cut its sales forecasts for the Switch from 20 million units to 17 million units on Thursday, despite its strongest ever quarter for sales.

Elsewhere, Flex (NASDAQ:FLEX) slipped 2.55%, while NetEase (NASDAQ:NTES) inched up 0.08% and Activision Blizzard (NASDAQ:ATVI) decreased 1.6%.