Sony Earnings: Why SNE Stock Is Sliding Lower Today

Sony earnings for the company’s fiscal third quarter of 2018 has SNE stock falling hard on Friday.

Sony Earnings: Why SNE Stock Is Sliding Lower TodaySony Earnings: Why SNE Stock Is Sliding Lower TodaySource: Sony

Sony (NYSE:SNE) reported earnings per share of $2.93 for its fiscal third quarter of 2018. This is better than the company’s earnings per share of $2.06 from the same time last year. It also beats out Wall Street’s earnings per share estimate of $1.82 for the quarter, but SNE stock was still down today.

The Sony earnings report for its fiscal third quarter of the year also saw a major increase from its Music division. This has it reporting Music operating income of roughly $1.34 billion for the quarter. The company’s Music operating income from the same time in 2017 was about $358.70 million.

The bad news in the Sony earnings report for its fiscal third quarter of 2018 comes from its Game & Network Services division. Operating income from this division was roughly $667.23 million. That’s a drop from Game & Network Services operating income of $779.45 million in its fiscal third quarter of 2017.

Another bit of bad news for SNE stock in the Sony earnings report for its fiscal third quarter of 2018 comes from its revenue of $21.27 billion. This is a drop from the company’s revenue of about $24.39 billion that was reported in its fiscal third quarter of the previous year. It also misses analysts’ revenue estimate of $23.64 billion for the period.

SNE stock was down 9% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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