TOKYO :Japan's Sony logged a hefty drop in first-quarter profit, hurt in part by a weaker performance from its movie division but the entertainment giant remained hopeful about prospects for a record year for its PlayStation 5 console.
Profit at its movie division plunged by two-thirds due to lower sales for television content as well as higher marketing costs after the company released more films in theatres. Once a consumer electronics giant, the conglomerate has transformed itself to focus more on entertainment, developing movies, music and games.
Sales have so far been weaker than expected but the company said promotions starting in July are helping sales momentum.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »