Sony’s Stock Drops to Lowest Level Since 1984
With Sony’s E3 conference kicking off later today, the company plans to wow you and excite you with a ton of announcements. Unfortunately, Sony have been unable to wow or excite investors, with the tech giant’s stock falling below 1,000 Yen ($12.79) for the first time since 1984.
This isn’t the first bad news the company has suffered recently, after its credit and debt ratings were downgraded in February due to huge quarterly losses. Sony has also not made a profit since 2008, and plans to cut 10,000 jobs.
With new Sony head Kaz Hirai highlighting the relatively healthy PlayStation business as one of the areas Sony hopes to turn the company around with, all eyes are sure to be on the conference to see what they have in store. While Heavenly Sword 2 or The Last Guardian might be things fans are looking forward to, investors will likely be most interested in Sony’s possible cloud gaming plans, with true cloud support guaranteeing the future of PlayStation.