Sony shares slide after earnings highlight concern about games, sensors

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »