Sony lowers profit expectations due to gaming issues

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The tech giant also cut its group-wide operating profit forecast for the year to next March by 4%, to just over $8.3 billion. Sony did, though, post a near 10% rise in first-quarter operating profit – beating analyst expectations. It was helped by higher demand for its movies and TV shows. Sony was still positive about the near future for the PlayStation.

On Friday, Sony lowered its earnings projection (July 29). Following a disappointing first quarter for its PlayStation division, the Japanese company took the decision. In comparison to a year ago, operating earnings at Sony’s main gaming division decreased by 37% in the April to June quarter. A dearth of fresh games was to blame. People exited the house more as there were fewer constraints due to health crises. Sony reduced its projected annual operating profit for its gaming division by 16%.

Highlights

  • From the news sg.news.yahoo.com

  • It believes its upcoming game slate will have gamers excited. And it said it is addressing supply chain issues which have hit production of its PlayStation 5 console. It aims to sell 18 million units of the PS5 this fiscal year as production ramps up. It sold 11.5 million in the year ended March. Finns call for halt to ‘unbearable’ Russian tourism India says it will protect its interests as Chinese boat heads to Sri Lanka. China’s industry minister faces corruption probe

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