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13.05.2020

Sony reports profit drop

news

Disruption from the coronavirus pandemic could wipe out the upward revision in forecasts

Stocks impacted: Sony (6758)

Sony Corp reported a 57% drop in fourth-quarter operating profit. The Japanese giant also refrained from providing an outlook for the current year, citing uncertainty surrounding the coronavirus outbreak. Sony posted an operating profit of 35.45 billion yen ($331 million) for the January-March quarter, versus 82.73 billion yen a year prior. As a reminder, Sony in February had raised its forecast for the year's annual operating profit by 5% to 880 billion yen. Now, management warned investors that disruption from the coronavirus pandemic could wipe out the upward revision. The company is scheduled to launch its PlayStation 5 (PS5) during the year-end holiday shopping season.

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