Sony reports 57per cent drop in fourth-quarter profit, declines to give outlook

TOKYO: Japan’s Sony Corp on Wednesday reported a 57per cent drop in fourth-quarter operating profit and refrained from providing an outlook for the current year due to uncertainty related to the coronavirus outbreak. The electronics and entertainment firm posted an operating profit of 35.45 billion yen (US$331 million) for the January-March quarter, versus 82.73 billion yen a year prior, as the coronavirus hit demand for its smartphone image sensors, cameras and TVs. The result compared with the 73.77 billion yen average of nine analyst estimates compiled by Refinitiv. Uncertainty over the economic impact of coronavirus lockdowns continue to linger, making it hard to predict sales of consumer gadgets later in the year. Operating profit for the year ended March came to 845.46 billion yen, falling 5.5per cent from the previous year following two consecutive years of record highs. The impact from the outbreak reduced full-year profit by 68.2 billion yen, of which 35.1 billion was in the consumer electronics business, Sony said. Sony has halted production at some plants as governments around the world imposed lengthy restrictions on movement and business activity to contain the virus. But the gaming business saw a positive impact of 2.8 billion yen from the… Read full this story

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