{"id":29260,"date":"2023-05-01T04:46:35","date_gmt":"2023-05-01T04:46:35","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/sony-shares-tumble-on\/"},"modified":"2023-05-01T04:48:16","modified_gmt":"2023-05-01T04:48:16","slug":"sony-shares-tumble-on","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/sony-shares-tumble-on\/","title":{"rendered":"Sony shares tumble on weaker-than-expected annual outlook"},"content":{"rendered":"

TOKYO (Reuters) – Sony Group Corp’s shares fell as much as 4.8% on Monday after the Japanese electronics and entertainment conglomerate’s annual profit outlook fell short of market expectations. <\/p>\n

The company on Friday posted a record operating profit for the year ended March 2023, driven by a robust performance at its music and microchip units. <\/p>\n

For the current business year, however, it projected a 3.2% profit decline to 1.17 trillion yen ($8.55 billion), missing an analysts average estimate of a 1.275 trillion yen profit, as it expects slow recovery in profitability in the videogame unit.<\/p>\n

Jefferies analyst Atul Goyal said in a note to clients Sony’s outlook “is overly conservative,” and that its PlayStation 5 (PS5) game consoles and game software are likely to benefit from pent-up demand.<\/p>\n

Sony had struggled to make enough PS5 to meet demand during the COVID-19 pandemic because of supply chain snarls, but President Hiroki Totoki said on Friday the company was now ready to deliver the consoles without keeping customers waiting. <\/p>\n

The conglomerate aims to sell a record 25 million units of the PS5 in the year to next March. <\/p>\n

($1 = 136.9000 yen)<\/p>\n

\n

(Reporting by Kiyoshi Takenaka; editing by Uttaresh Venkateshwaran)<\/p>\n

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TOKYO (Reuters) – Sony Group Corp’s shares fell as much as 4.8% on Monday after the Japanese electronics and entertainment conglomerate’s annual profit outlook fell short of market expectations. The company on Friday posted a record operating profit for the year ended March 2023, driven by a robust performance at its music and microchip units. […]<\/p>\n","protected":false},"author":8,"featured_media":29261,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-29260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400DP-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=29260"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29260\/revisions"}],"predecessor-version":[{"id":29262,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29260\/revisions\/29262"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/29261"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=29260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=29260"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=29260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}