Japans Sony reports declining profit but expects a record for this year

TOKYO (AP) — Japanese electronics and entertainment giant Sony Group Corp. reported a 3.4% drop in annual profit but forecast a return to record profits for the current fiscal year on Friday.

Tokyo-based Sony’s net profit through March was 1.03 trillion yen ($6.6 billion), down from 1.07 trillion yen in the previous fiscal year.

Finish Japanese automaker Honda Motor Co. Plan to launch an electric vehicle with. damaged his earnings. Rising costs of computer chips are also impacting profits and remain a cause for concern, according to Sony, which operates film, music and video game operations.

Sony is forecasting profits of 1.16 trillion yen ($7.4 billion) for this fiscal year; This would be a record for the company and a 13% increase over the year just ended.

Sony’s annual sales in the just-ended fiscal year reached approximately 12.5 trillion yen ($8 billion), up 3.7% from the previous year. “Demon Hunter” serial and “Kokuho” thanks to healthy demand for games and network services.

Sony’s profit ranks behind Bravia and Sony on a quarterly basis PlayStation Sales of its brands and “Spider-Man” movies fell 63% to 83 billion yen ($529 million), from 224 billion yen in the same period a year ago.

It was stated that the quarterly sales of the company, which includes music artists, increased by 8 percent and reached 3 trillion yen ($19 billion). Bad Rabbit And Sza.

Sony is confident of healthy sales from its upcoming movies: “Spider-Man: A Brand New Day” and “Jumanji: Open World” to boost its profitability in the current fiscal year.

Also Friday, Sony said it would spend up to 500 billion yen ($3.2 billion) to buy back up to 230 million shares.

Sony shares, which recently traded at around 3,000 yen ($19), gained 1% on Friday.

Yuri Kageyama Topics: https://www.threads.com/@yurikageyama