Sony sees lower annual profit as gaming business slows

TOKYO - Japan’s Sony Corp warned its annual operating profit would drop, after two years of record highs, as its previously thriving gaming business slows and its PlayStation 4 console nears the end of its lifecycle.

Analysts widely expect Sony to launch a next-generation console in 2020 to supplement slowing sales of the five-year old PS4, but the lucrative business could face tough competition with new video game streaming services from Alphabet Inc’s Google and Apple. Reflecting growing worries over Sony’s strategy, shares of the company have lost more than 30 percent from their 11-year highs set in September last year.

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