Sony share price tumbles in US and Japan

Sony's share value has plummeted following the company's announcement yesterday that it had lost £3.6 billion over the prior fiscal year.

Stock value fell around seven per cent to ¥1,135 in Japan, while the US value fell two per cent to $15.37 – a 31- and 19- year low, respectively.

Sony pinned much of the blame for the financial loss on a series of natural disasters in Japan, and the strong Yen.

Newly appointed CEO Kaz Hirai is already preparing to axe 10,000 jobs worldwide as part of a wider restructuring drive that aims to return the company to profit, a target Sony predicts it will hit at the end of the current fiscal year.