Casio losing ground

Consumer electronics manufacturer Casio endured a massive loss on Friday when the company’s shares plummeted, suffering the highest percentage loss in more than 20 years. The shares dropped after they forecasted their profits for the upcoming fiscal year well below what investors and analysts were expecting. The woes come as Casio is attempting to reposition itself as a high end mobile phone manufacturer. Muscling into a market dominated by companies including Nokia and Samsung has not been easy, and analysts are beginning to question the wisdom of the shift in their business model. Plummeting share prices had a severe effect on the overall value of the company, with Casio losing $931 million in market value during trading hours on Friday.

[Via Reuters]

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