Sony Net Profit Dips On-year As PlayStation Sales Fall

Tokyo, (APP - UrduPoint / Pakistan Point News - 14th May, 2024) Sony on Tuesday warned of falling profits this year as PlayStation 5 unit sales decline, after reporting a dip in annual earnings while also staying mum on a reported bid for Paramount.

The Japanese conglomerate has been in the spotlight after reports said it was working with Apollo Global Management on a potential $26 billion takeover of US film and television giant Paramount Global.

Such a merger could strengthen Sony's massive movie business behind the mega-grossing "Spider-Man" titles, including the Oscar-nominated "Across the Spider-Verse".

As the company reported its earnings on Tuesday, Sony CEO Hiroki Totoki declined to comment on any "specific deal".

"Sony Pictures is a hub of generating synergy and as an entity it has an important position. Therefore, in this area, any good opportunity arises... we will consider the possibilities," he told reporters.

The entertainment and electronics behemoth logged a net profit of 970.6 billion Yen ($6.2 billion) for 2023-24 -- down 3.5 percent year-on-year but beating its forecast.

For the current financial year, Sony expects another decline in net profit to 925 billion yen.