Sony Corp. (NYSE:SNE) has reported a big improvement in fiscal 2018 results over a year ago, but its shares fell on its outlook for lower revenue and earnings in the current fiscal year.
In late-morning trading, shares of Sony were down around 8%, at US$46.30 a share.
Sony posted sales and operating revenue that rose 12% in the fiscal year that ended 31 March 2018 from levels of the year before. In addition, operating income at the electronics and media giant more than doubled and its net income climbed nearly sixfold.
However, Sony also stated in its year-end financial statement that it expects sales and operating revenue in the fiscal year that will end 31 March 2019 to decline nearly 3% from revenue in fiscal 2018. Sony also is forecasting that operating income in fiscal 2019 will be down about 9% from levels of fiscal 2018 and that net income will slip around 2%.
Sony said consolidated operating income is expected to decline year over year mainly due to an expected decrease in operating income in the Semiconductors segment. It said revenue was expected to be down mainly due to the impact of foreign exchange rates and an expected decrease in sales in its mobile communications segment.