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Finance

Microsoft and Sony suffer stock slump

Fri 23 Jan 2009 8:25am GMT / 3:25am EST / 12:25am PST
Finance

Console rivals see their share price fall following bad news yesterday

Sony Computer Entertainment

Sony Computer Entertainment is a Japanese videogame company specialising in a variety of areas in the...

playstation.com

Stock in Microsoft and Sony was down yesterday following the release of bad news over job cuts from both companies.

Microsoft saw the biggest drop, after it announced that it would be cutting 5000 jobs on second quarter numbers that included a 2 per cent revenue rise, but a fall in profit of 11 per cent.

It's share price dropped almost 12 per cent, by USD 2.27, to sit at USD 17.11 by the close of the markets in the US yesterday.

Meanwhile Sony, which arguably had much worse news to contend with, including the cutting of jobs and significant internal restructuring, saw its share price drop by per cent, or JPY 136 (USD 1.54), to JPY 1802 (USD 20.4).

Elsewhere THQ also saw its price hit following a grim analyst outlook, with shares falling 6.5 per cent to sit at USD 3.74.

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