Sony cuts full-year outlook again, dragged down by box office bombs
Tokyo — Sony cut its full-year profit forecast a second time after posting quarterly earnings that missed estimates due to a write-down at its struggling movie division. Net income will be ¥26bn ($231m) in the 12 months to end-March, down from an already-reduced outlook for ¥60bn, the Tokyo-based company said on Thursday. Operating profit for the quarter ended in December was ¥92.4bn, down from ¥202.1bn a year earlier and much lower than the ¥154bn average of estimates compiled by Bloomberg. Sony’s struggle to make hit movies in Hollywood led to Monday’s surprise ¥112bn charge against its film business. Despite continuing dominance in video games through its PlayStation gaming console, the Tokyo-based company has been hampered by setbacks at other businesses, including a production halt of components due to earthquakes and a loss on the sale of its battery division. "Entertainment is very important to Sony, so I want to see what kind of approach they take to turning it around," Kiyo...
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