Shares of Sony stock have dipped to their lowest number in 31 years in Japan and to a 19-year low in the US, following a dismal earnings report for the previous fiscal year. Sony shares dropped 7 percent in Japan, to 1,135 Yen ($14), and 2 percent in the US, closing at $15.37.

Sony CEO Kaz Hirai plans to lose 10,000 employees in a company-wide reorganization effort. Sony reported a net revenue loss of 9.6 percent for fiscal year 2012, dropping from $89 billion to $79.1 billion year-over-year.

Posted: May 12, 2012 11:14 am

Source: http://www.joystiq.com/2012/05/11/sony-shares-drop-to-31-year-low-in-japan-19-year-low-in-us/#comments