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Sony shares slide after earnings highlight concern about games, sensors

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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. Operating profit slid 31 per cent and comments by Sony executives over demand for its games and image sen

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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