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    Sony warns of China virus impact on raised forecast for year

    By SHOOTUpdated:No Comments1088 Views
    In this July 19, 2019, file, photo, people walk out from the headquarters of Sony Corp., in Tokyo. (AP Photo/Koji Sasahara, File)

    By Yuri Kageyama, Business Writer

    TOKYO (AP) --

    Japanese electronics and entertainment company Sony Corp. warned Tuesday that forecasts and results were at risk because of the new virus in China, as it reported a drop in fiscal third quarter on stumbling video game, networking and film businesses. 

    Tokyo-based Sony, which makes PlayStation video-game consoles, Bravia TVs and Spider-Man films, said the impact of the virus was unclear, but production and sales of its image sensor division were at risk. The company promised to release any new forecasts as soon as possible. 

    The new coronavirus has caused more than 400 deaths in China, and confirmed cases have climbed to more than 20,000, mostly in China, since the outbreak started late last year. 

    Sony reported an October- December profit of 229.5 billion yen ($2.1 billion), down from 429 billion yen a year earlier. Quarterly sales rose 3% to 2.46 trillion yen ($22.6 billion). Both quarterly profit and sales were better than the FactSet forecasts. 

    Sony raised its profit forecast for the year through March 2020 to 590 billion yen ($5.4 billion), up from an earlier projection of 540 billion yen ($5 billion) profit. 

    That still trails the 916 billion yen Sony earned in the fiscal year that ended in March 2019. 

    Sales and profit from Sony's PlayStation 4 business have been faltering. The PlayStation 5 is set to go on sale later this year. An announcement of an upgrade for a machine that's been on sale several years tends to dampen sales of the current model. 

    Sony's image sensors, used in a wide variety of smartphones and digital cameras, continued to be in demand, while sales of its electronics products including smartphones and TVs declined, the company said. 

    An unfavorable exchange rate also hurt earnings, it said. 

    Revenue from movies fell on-year partly because of the strong performance the previous year of "Venom," a film about the Marvel comics superhero, according to Sony. 

    Higher sales from TV shows, including licensing revenue from the series "The Crown," were offset by higher expenses. 

    Sony's music operations benefited from publishing sales from the acquisition of EMI as well as streaming revenue. 
     

    Tags:Sony Corp.



    Christmas TV movies are in their Taylor Swift era, with 2 Swift-inspired films airing this season

    Friday, November 22, 2024
    This image released by Hallmark Media shows Hunter King, left, and Tyler Hynes in a scene from "Holiday Touchdown: A Chiefs Love Story. (Joshua Haines/Hallmark Media via AP)

    Two new Christmas TV movies have a Taylor Swift connection that her fans would have no problem decoding.

    "Christmas in the Spotlight" debuts Saturday on Lifetime. It stars Jessica Lord as the world's biggest pop star and Laith Wallschleger as a pro football player, who meet and fall in love — not unlike Swift and her boyfriend, Kansas City Chiefs tight end Travis Kelce.

    "It's clearly inspired by Taylor and Travis, but I don't know them and I don't know what is going on behind the scenes. I only know what's been put out there," said Eirene Tran Donohue, a longtime, devoted fan who jumped at the opportunity to write a script even loosely based on her favorite musician.

    She was inspired by the couple's support of each other's accomplishments, particularly Kelce's ease with dating the star despite the glare of the spotlight, adding, "I love the way that he celebrates her."

    Tran Donohue wants fellow Swift fans to know she wrote the script with them in mind.

    "There are so many Easter eggs," she said of little details added that a Swift fan would pick up on. "I put in as many as I could."

    Then, on Nov. 30, Hallmark will air "Holiday Touchdown: A Chiefs Love Story." Instead of a nod to Swift, it's an ode to family traditions and bonding, like rooting for a sports team. Hallmark's headquarters is also in Kansas City, so it makes sense why the company chose the Chiefs to be highlighted.

    In this story, written by Julie Sherman Wolfe, sparks fly when a new employee for the Chiefs organization (Tyler Hynes) meets a woman — played by Hunter King — whose family's dedication to the team goes back generations.

    Sherman Wolfe, a San Francisco 49ers fan, said she got the call a week after Super Bowl LVIII, when the Chiefs... Read More

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