{"id":46462,"date":"2023-08-09T17:16:24","date_gmt":"2023-08-09T21:16:24","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sony-quarterly-profit-tumbles-as-movie-business-disappoints\/"},"modified":"2023-08-09T17:16:27","modified_gmt":"2023-08-09T21:16:27","slug":"sony-quarterly-profit-tumbles-as-movie-business-disappoints","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46462","title":{"rendered":"Sony quarterly profit tumbles as movie business disappoints"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Sony logo is displayed outside the company’s headquarters in Tokyo, Japan February 16, 2023. REUTERS\/Issei Kato\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Sam Nussey<\/p>\n

TOKYO (Reuters) -Japan’s Sony <\/span><\/span> (NYSE:) 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.<\/p>\n

Operating profit slid 31% to 253 billion yen ($1.8 billion) in April-June, in line with estimates and also pulled down by lacklustre results from its financial business which had benefited from a property sale in the same period a year earlier.<\/p>\n

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.<\/p>\n

Sony trimmed its annual sales forecast for the unit by 3% citing the impact of strikes by Hollywood writers and actors, which have affected production of scripted television shows and films.<\/p>\n

Once a consumer electronics giant, the conglomerate has transformed itself to focus more on entertainment, developing movies, music and games. <\/p>\n

Sony has said it expects to sell 25 million PlayStation 5 consoles this financial year, in what would be a record for a PlayStation device, following the easing of supply chain snarls. <\/p>\n

Sales have so far been weaker than expected but the company said promotions starting in July are helping sales momentum. <\/p>\n

“We believe that there is ample possibility for us to catch up,” Sony President Hiroki Totoki told reporters. <\/p>\n

Cumulative sales of the console have topped 40 million but the company lacks high-profile upcoming first-party titles. <\/p>\n

Nintendo last week reported it has sold 18.5 million units of “The Legend of Zelda: Tears of the Kingdom” since its release in May, helping drive sales of its aging Switch <\/span><\/span> (NYSE:) console. <\/p>\n

Sony is also a leading maker of image sensors, which are used in cameras.<\/p>\n

The conglomerate had expected a gradual recovery in the smartphone market from the second half of the current financial year but now thinks it will not happen until 2024 at the earliest.<\/p>\n

Sony maintained its forecast of a 10% decline in operating profit for the full year.<\/p>\n

In May, Sony said it is examining a partial spin-off of its financial unit, which includes life insurance and banking, as it looks to invest further in its entertainment businesses.<\/p>\n

($1 = 143.1300 yen)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Sony logo is displayed outside the company’s headquarters in Tokyo, Japan February 16, 2023. REUTERS\/Issei Kato\/File Photo By Sam Nussey TOKYO (Reuters) -Japan’s Sony (NYSE:) 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 […]<\/p>\n","protected":false},"author":1,"featured_media":46463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-46462","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSony quarterly profit tumbles as movie business disappoints | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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