Sony Group’s shares tumbled after the electronics and entertainment group warned about delays in a smartphone market recovery, and gave a financial outlook that missed expectations.
Sony’s stock price dropped as much as 6.7% during Thursday morning trade in Tokyo, the biggest intraday fall in a year.
The key supplier of image sensors to Apple and other device-makers said it didn’t expect demand in the mobile phone market to bounce back until next year at the earliest, due to sluggish demand in both China and the U.S. Sony had earlier said it expected a second-half rebound in global phone sales.