Sony reports 29% drop in operating profit as weakness in chip business hits home

In this article

The PlayStation DualSense controller and PlayStation 5 console.
Jakub Porzycki | Nurphoto | Getty Images

Sony on Thursday reported a 29% drop in operating profit in the fiscal second quarter as the Japanese electronics giant suffered from weakness in its imaging sensor business.

Here’s how Sony did in the September quarter versus LSEG consensus estimates:

  • Revenue: 2.8 trillion yen ($18.5 billion) versus 2.87 trillion yen expected. That represents an 8% increase year-over-year.
  • Operating profit: 263 billion Japanese yen versus 304.4 billion yen expected. That marks a 29% drop year-over-year.

The results follow a fiscal first quarter which saw Sony report a 33% rise in revenue year-over-year to 3 trillion Japanese yen but a 31% year-on-year drop in profit to 253 billion yen.

The company cited weakness in its financial services and pictures division, which saw a small slump on the back of strikes carried out by the Writers Guild of America and other unions, in protest against using artificial intelligence to generate movie scripts.

This is a developing story and will be updated shortly.

Articles You May Like

Princess of Wales to host Christmas carol service – as new picture released
Acosta: I can’t imagine Trump being pleased with defense team
Five million more households yet to feel full rate hike burden, Bank of England warns
The Tesla Cybertruck for Kids is real and you can actually buy one, sort of
We have a sense of how the Comeback Kid plans to approach the COVID inquiry – but will it work?