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SONY Reportedly Faces Lawsuit Due to Higher Pricing in UK
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Sony Corporation (SONY - Free Report) has been slapped with a lawsuit for allegedly “overcharging” millions of its PlayStation customers in the U.K. by exploiting its market dominance, per a report from Financial Times.
Per the report, Sony allegedly imposed “unfair” terms and conditions on gaming developers/publishers that led to unfair pricing, which was eventually passed on to PlayStation end customers.
Nearly 8.9 million consumers are likely to have been affected by the unfair pricing, which could result in a compensation of up to £5 billion, added the report. Any customer who made digital games/add-on content purchase through console or the PlayStation store since August 2016 is eligible for compensation. The estimated damages per individual in the claim are between £67 and £562. The lawsuit has been filed by consumer rights expert Alex Neill.
Sony designs, manufactures and sells several consumer and industrial electronic equipment. The company invests heavily in research and development to launch new products and enhance the existing product line.
The company reported first-quarter fiscal 2022 net income per share (on a GAAP basis) of ¥175.21 per share, increasing from ¥169.22 reported in the year-ago quarter.
Quarterly total revenues inched up 2.4% year over year to ¥2,311.5 billion ($17842.4 million). Imaging & Sensing Solutions sales were up 9% year over year to ¥237.8 billion. Sales from the segment were driven by favorable forex movement.
Sony has provided the outlook for the fiscal year ending Mar 31, 2023. It now expects sales of ¥11,500 billion, up 16% year over year compared with ¥11,400 billion guided earlier. The top-line performance is likely to be driven by improvement in GN&S, Music, Pictures and ET&S segment sales.
It currently has a Zacks Rank #3 (Hold). The stock has lost 15.9% in the past year compared with the industry’s fall of 19%.
The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have jumped 16.8% in the past year.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 6% in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 6.9% of their value in the past year.
The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.03 per share, increasing 9.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 18.6%.
Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 37.4% in the past year.
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SONY Reportedly Faces Lawsuit Due to Higher Pricing in UK
Sony Corporation (SONY - Free Report) has been slapped with a lawsuit for allegedly “overcharging” millions of its PlayStation customers in the U.K. by exploiting its market dominance, per a report from Financial Times.
Per the report, Sony allegedly imposed “unfair” terms and conditions on gaming developers/publishers that led to unfair pricing, which was eventually passed on to PlayStation end customers.
Sony Corporation Price and Consensus
Sony Corporation price-consensus-chart | Sony Corporation Quote
Nearly 8.9 million consumers are likely to have been affected by the unfair pricing, which could result in a compensation of up to £5 billion, added the report. Any customer who made digital games/add-on content purchase through console or the PlayStation store since August 2016 is eligible for compensation. The estimated damages per individual in the claim are between £67 and £562. The lawsuit has been filed by consumer rights expert Alex Neill.
Sony designs, manufactures and sells several consumer and industrial electronic equipment. The company invests heavily in research and development to launch new products and enhance the existing product line.
The company reported first-quarter fiscal 2022 net income per share (on a GAAP basis) of ¥175.21 per share, increasing from ¥169.22 reported in the year-ago quarter.
Quarterly total revenues inched up 2.4% year over year to ¥2,311.5 billion ($17842.4 million). Imaging & Sensing Solutions sales were up 9% year over year to ¥237.8 billion. Sales from the segment were driven by favorable forex movement.
Sony has provided the outlook for the fiscal year ending Mar 31, 2023. It now expects sales of ¥11,500 billion, up 16% year over year compared with ¥11,400 billion guided earlier. The top-line performance is likely to be driven by improvement in GN&S, Music, Pictures and ET&S segment sales.
It currently has a Zacks Rank #3 (Hold). The stock has lost 15.9% in the past year compared with the industry’s fall of 19%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader technology space are Cadence Design Systems (CDNS - Free Report) , Badger Meter (BMI - Free Report) and Arista Networks (ANET - Free Report) . Arista Networks sports a Zacks Rank #1 (Strong Buy) whereas Cadence Design Systems and Badger Meter each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have jumped 16.8% in the past year.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 6% in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 6.9% of their value in the past year.
The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.03 per share, increasing 9.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 18.6%.
Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 37.4% in the past year.