NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE) are down 10.12% to $18.20 in pre-market trade after the electronics maker said it expects to report a much greater net loss for the current fiscal year, as it cut the value of its mobile communications unit after smartphone sales failed to meet expectations, according to the Wall Street Journal.
The company today said it predicts a 230 billion yen ($2.15 billion) net loss for the year ending in March, compared with its previous forecast for a 50 billion yen loss.
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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 revenue growth, increase in net income and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: