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Sony shares jump as debt agency upgrades company rating

Stock value at 11-month high after strong Xperia Z sales and ahead of the PS4 release date

The outlook for PlayStation manufacturer Sony has been given a shining endorsement from a Tokyo based business ratings agency.

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Shares in Sony jumped 11 per cent after Daiwa Securities raised the corporation's rating after suggesting the company is on track to turn a profit by the end of the financial year.

Along with the upcoming PlayStation 4 release in the holiday period, Sony has also enjoyed fair success with its latest smartphone. The Xperia Z, which launched last month, is said to have been the top-selling smartphone in Japan for four weeks straight.

Shares in Sony closed at an 11-month high in Tokyo on Monday.

In November, ratings agency Fitch cast doubt on Sony's prospects, claiming that a "meaningful recovery will be slow, given the company's loss of technology leadership in key products, high competition, weak economic conditions in developed markets and the strong yen". It gave the PlayStation firm a 'junk' status.

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