Sony flags disappointing profit, scraps targets as gaming slows [Reuters]
SONY CORP (SNE)
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Source: Reuters
Sony flags disappointing profit, scraps targets as gaming slows - Reuters 4 Min Read TOKYO (Reuters) - 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. The bleak outlook comes after two years of record profits and underlines concerns a turnaround is losing steam at Sony - which bet on entertainment and gaming for steady revenues after battling years of losses with consumer electronics, such as TV sets, that are more susceptible to price competition. Analysts widely expect Sony to launch a next-generation console in 2020 to replace the five-year old PlayStation 4 (PS4), but the business could face tough competition with new video game streaming services from Alphabet Inc’s Google and Apple. Sony’s finance chief, however, shrugged off concerns about the threat of cloud-based gaming. “With over 90 million cus
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