Sony Corp warned of a sharper-than-expected drop in its annual profit and scrapp...
TOKYO - Sony Corp warned of a sharper-than-expected drop in its annual profit and scrapped some longer-term targets, in a sign a slowdown in its gaming business as its PlayStation 4 console nears the end of its life was beginning to hurt.
Analysts widely expect Sony to launch a next-generation console in 2020 to replace the five-year old PlayStation 4 , but the business could face tough competition with new video game streaming services from Alphabet Inc’s Google and Apple. Sony withdrew its earnings goals for individual businesses for the year to March 2021, including an estimated profit range of 130 billion-170 billion yen for gaming, citing “significant changes to the operating environment.”For the financial year to March 2020, Sony expects costs for developing the new console to push its gaming profits down to 280 billion yen from 311 billion yen a year earlier. PS4 sales are forecast to drop 10 percent to 16 million units.
Daniel Loeb’s hedge fund Third Point LLC is building a stake in Sony again to push for changes that include shedding some businesses, Reuters has reported.
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