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Sony shares fall on weaker-than-expected yearly forecast

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Creator: STEVE MARCUS

On Monday, Sony Group Corp.’s (6758.T) annual profit projection was below market expectations, sending its shares down 4.8%.

Music and microprocessor units helped the business announce a record operating profit for the year ending March 2023 on Friday.

As it expects a slow videogame unit recovery, it projected a 3.2% profit decline to 1.17 trillion yen ($8.55 billion) for the current business year, missing analysts’ average estimate of 1.275 trillion.

According to Jefferies analyst Atul Goyal, Sony’s view “is overly conservative,” and its PlayStation 5 (PS5) gaming systems and software are likely to profit from pent-up demand.

On Friday, Sony President Hiroki Totoki stated the business could finally deliver PS5 consoles without delay due to supply chain issues during the COVID-19 epidemic. The corporation hopes to sell 25 million PS5s by March.

 

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