Sony shares fall: Sony's PS5 sells less than expected – financial division to be cut | 02/15/24

Japanese electronics and entertainment group Sony benefited from buoyant demand in its games and networks division during its crucial Christmas quarter.

However, business with the PS5 games console was worse than expected. For the full year to the end of March, the group expects slightly lower revenue than before: now the target is 12.3 trillion Japanese yen (76.3 billion euros), up from a forecast of 12.4 trillion three months ago. In the first nine months, Sony reported on Wednesday in Tokyo that revenue rose by a fifth to 9.5 trillion yen.

However, the board is still a little more optimistic about its operating result and surplus for the year. Accordingly, the profit attributable to shareholders should now be 920 billion yen. However, in the previous year, Sony earned 1 trillion yen. After three quarters, bottom-line profit was nearly 790 billion yen, down nearly ten percent from a year earlier.

Apart from the quarterly balance sheet, the group announced that it intends to separate parts of its finance division. These will be listed on the stock market in October 2025.

On Wednesday, Sony shares weakened 0.51 percent to close at 14,660 yen on the Tokyo Stock Exchange. It temporarily lost 6.11 percent to 13,765 yen in Tokyo on Thursday as the balance sheet was delivered before the close of trading.

/tav/is/jha/

Tokyo (dpa-AFX)

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