NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE) are down -5.78 to $16.62 in pre-market trade after unexpectedly forecasting an annual loss, the sixth in seven years, casting further doubt on CEO Kazuo Hirai's ability to revive the company, Bloomberg reports
The net loss will probably be 50 billion yen, or $490 million, in the 12 months ending March 31, the company said today
That compares with the 57.1 billion-yen profit average of 19 estimates compiled by Bloomberg and a 128.4 billion-yen net loss the year earlier.
TheStreet Ratings team rates SONY CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONY CORP (SNE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: