Sony Corporation reported a 23% drop in net profits for the second quarter, despite a boost in its gaming and music units. The company’s main profits took a hit due to a decline in its electronics and financial businesses, particularly its chip manufacturing weakness. Despite this setback, Sony Pictures Entertainment saw profits increase to $204M in the same quarter. Additionally, Sony maintains a target of selling 25 million PlayStation 5 units, despite a 29% drop in profits. The company also raises its outlook, but expresses caution over achieving its holiday sales goal for the PS5.
The live news highlights the financial results of Sony Corporation, which showed a 23% decrease in net profits despite positive performances in their gaming and music units. This decrease was largely attributed to weaker performance in their electronics and financial business segments, particularly due to chip manufacturing. Nonetheless, Sony Pictures Entertainment experienced an increase in profits to $204M in the second quarter. Additionally, Sony maintains an ambitious target of selling 25 million PlayStation 5 units, despite a 29% drop in profits. The company also gives a more cautious outlook for achieving its holiday sales goal for the PS5.
Sony Corporation announced a 23% decrease in net profits for the second quarter, while its gaming and music units saw improvements. The main cause for this decrease can be attributed to a slump in their electronics and financial businesses, specifically due to a weakness in chip manufacturing. Nevertheless, Sony Pictures Entertainment managed to increase profits to $204M in the same quarter. In addition, Sony maintains a sales goal of 25 million PlayStation 5 units, despite the profit drop. The company, however, expressed caution regarding achieving its holiday sales target for the PS5.
