Sony quarterly profit tumbles as movie business disappoints

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.

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Sony Q1 profit tumbles as movie business disappointsTOKYO :Japan's Sony on Wednesday said first-quarter profit tumbled due to weaker performances from its movies and financial businesses. In April-June, operating profit slid 31 per cent to 253 billion yen ($1.8 billion), in line with estimates.Profit at its movies division plunged by two-thirds due to
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