Sony’s Stock Taking a Beating Following PSN Hack

image

Sony’s not getting much love with the investors these days.

Sony’s faced some unsurprisingly harsh public perception over the past few weeks, thanks to how the PlayStation Network and Home were both hacked and a lot of credit card information was compromised. As a result, it turns out that the company’s stock hasn’t been doing terribly well recently.

Investor confidence is naturally down; as a result, share prices dropped 3.7 percent this week after it was announced that Sony Online Entertainment had been hacked. Tokyo’s stock market was closed on Tuesday and Thursday for national holidays this week, but reactions to the news on Friday wasn’t good.

On top of this, analysts are apparently saying that Sony’s in a pretty precarious position, thanks especially to rumors that a third attack on the company’s networks is planned this weekend. According to Kota Ezawa, an analyst for Citigroup Global Markets Japan:

“There is a real concern that trust in Sony’s business will decline. The network business itself still only makes a small direct contribution to earnings, but we see a potential drop in hardware sales as a concern.”

Howard Stringer, Sony’s president, openly apologized to the public for the hacks. On top of that, Sony is working on providing its customers in North America and Europe with identity theft protection.

Source: CVG via GamePolitics

Image Source

Recommended Videos

The Escapist is supported by our audience. When you purchase through links on our site, we may earn a small affiliate commission. Learn more
related content
Read Article Niantic Acknowledges Issues With Pokemon GO Avatar Update: “We’re taking this seriously”
pokemon go avatar update
Read Article Eiyuden Chronicle: Hundred Heroes’ Game-Breaking Recruitment Bug to Be Fixed in Upcoming Patch
Read Article Pokemon GO’s Wiglett Debut During Rediscover Kanto Event Excites & Confuses Fans
Photo of a beach scene with the Pokemon Wiglett popping out of the sand, with several question marks nearby
Related Content
Read Article Niantic Acknowledges Issues With Pokemon GO Avatar Update: “We’re taking this seriously”
pokemon go avatar update
Read Article Eiyuden Chronicle: Hundred Heroes’ Game-Breaking Recruitment Bug to Be Fixed in Upcoming Patch
Read Article Pokemon GO’s Wiglett Debut During Rediscover Kanto Event Excites & Confuses Fans
Photo of a beach scene with the Pokemon Wiglett popping out of the sand, with several question marks nearby