Sony's stock rises 11%, possibly profitable by fiscal 2014
- Posted March 15th, 2013 at 19:12 EDT by Ernest Lin
Sony's chances of reaching profitability are rising, if recent performance on the stock market is any indication.
The Japanese electronic giant's stock rose a whopping 11% last night on Japan's Nikkei stock exchange. A major reason for the increase was due to Japan's second largest brokerage, Daiwa Securities, raising Sony's rating from 'buy' to 'neutral.' Sony was previously labeled as 'neutral' for a long period of time before yesterday.
Daiwa Securities went on further to say Sony could reach profitability by the fiscal year 2014. The Nikkei Industrial Journal newspaper implied the boost in confidence was thanks to the launch of Sony's flagship smartphone Xperia Z, the top-selling model in Japan for the past four weeks.
Last month's PlayStation 4 reveal and the positive reaction to it only helped in helping Sony's reputation recently. A successful launch of the PS4 later this year will definitely be required if Sony expects to turn a profit for 2014.
We'll keep you posted on further major business developments at Sony and everything PlayStation.----