Sony Corp (ADR) (NYSE:SNE) Recovers After Slip
Sony Corp (ADR) (NYSE:SNE) started the year rather badly, but has managed to recover in the past four months of trading. Lately we have seen daily volumes drop and the company stock has remained relatively stable.
In the end of last week we saw SNE slip, just like many other international corporations, the main reason being the Brexit vote. Still, as most others, it managed to stabilize and regain some of the value that it lost in yesterday’s session.
SNE also has set pretty good expectations for this fiscal year so far. Their conference at E3 simply blew everyone away by announcing some pretty impressive virtual reality titles, a new God of War which will be take place in a Nordic setting after Kratos killed almost every Greek god out there, a new Hideo Kojima game project starring Norman Reedus and a couple of other fancy new games.
Most recently, company CEO, Kazuo Hirai announced the obvious from E3 – that SNE will focus on games and VR in a bid to boost sales and return to robots, aiming to introduce a machine “capable of forming an emotional bond”. Meanwhile, expectations for its devices division are lowered, as smartphone sales are slowing.
And while the stock may have reacted to Brexit news, Mr. Hirai said that his company will still strive to reach its targets, despite currency swings.