TOKYO :Shares in Japan's Sony fell 6 per cent in Tokyo trade after first-quarter profit tumbled, with the entertainment conglomerate reporting lacklustre performances by its movie and financial divisions.
The PlayStation 5 console launched in late 2020 but supply was badly affected by supply chain problems during the COVID-19 pandemic. Despite an easing of those snarls, Sony said sales of were below expectations in the April-June quarter. It is targeting sales of 25 million units for the full year. "The company has a lot of work to do, first and foremost to make sure those blockbuster first-party games come out quicker."
Sony, a leading maker of image sensors used in cameras, also revised down its expectations for a gradual recovery in the smartphone market, saying it now does not expect one until 2024 at the earliest due to weak demand in major markets.
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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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Sony quarterly profit tumbles as movie business disappointsTOKYO :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.Operating profit slid 31 per cent to 253 billion yen ($1.8 billion) in Apri
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