Sony annual net profit plunges 36.5 pct as sales hit by coronavirus outbreak
Sony said Wednesday its annual net profit tumbled 36.5 percent on lower revenue from games and electronics products, issuing no forecast for the current year because of uncertainties over the coronavirus pandemic.
Sony said its group net profit came in at 582.2 billion yen ($5.4 billion) for the year that ended in March.
Its operating profit fell 5.5 percent to 845 billion yen as sales sank 4.7 percent to 8.3 trillion yen with operating profit.
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Robust deamnd for for image sensors
It suffered “significant decreases” in sales of electronics products as well as in games and network businesses despite robust demand for image sensors used in cellphone cameras, the company said.
The PlayStation 4 console is in its seventh year and its successor will be launched in late 2020, leaving users inclined to wait for the PS5.
Sales of electronic goods were affected by the coronavirus outbreak, which forced factories to halt production and hurt retail sales, the firm said.
Sony did not release an earnings forecast for the year ahead, saying business uncertainty caused by the new coronavirus made it impossible to give reasonable projections.