Sony Foresees 26 Pct Drop in Annual Operating Profit
Tokyo, Aug. 4 (Jiji Press)--Sony Corp. <6758> said Tuesday that its group operating profit in fiscal 2020 to next March is expected to drop 26.7 pct from the previous year to 620 billion yen.
The weak outlook at the Japanese electronics and entertainment giant reflects a drop in shipments of image sensors mainly for smartphone cameras due to a slump in smartphone sales amid the coronavirus pandemic.
Sony puts its fiscal 2020 group net profit at 510 billion yen, down 12.4 pct, and sales at 8.3 trillion yen, up 0.5 pct.
Home appliance sales and box office revenues are seen plunging amid uncertainty over the virus crisis. Meanwhile, Sony expects sales of its game software to increase on the back of trends to stay home amid the epidemic. It also projects robust sales of its PlayStation 5 video game console, which will be released late this year.
Sony Executive Deputy President Hiroki Totoki told an online news conference that the company will review capital spending, and research and development plans for its mainstay semiconductor business.
[Copyright The Jiji Press, Ltd.]