NewsNational News

Actions

Sony's profits dive as stores, cinemas close during pandemic

Posted at 4:51 AM, May 13, 2020

TOKYO — Japanese electronics and entertainment company Sony Corp. is reporting a dive in quarterly profit as the coronavirus pandemic delayed music and movie releases and disrupted product supply chains.

Tokyo-based Sony reported Wednesday that its January-March profit crashed 86% to $118 million.

The spread of COVID-19 has crimped consumer spending, shut movie theaters, canceled events and sent share prices tumbling - all damaging for a company with sprawling businesses like Sony.

Quarterly sales and operating revenue fell a combined 18%.

Sony did not give forecasts for the fiscal year through March 2021, citing uncertainties with the outbreak.

It said projections will be released as soon as possible.