Pursuits
Sony Operating Profit 9.4% Below Forecast on Impairment Charge
- Company took impairment on stalling camera module demand
- Sony revises outlook ahead of April 28 earnings announcement
Sony has scaled back expected demand for their sensors and lenses.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Stalling global demand for smartphones has made a larger-than-expected dent in Sony Corp.’s annual profit growth.
Operating income was 290 billion yen ($2.6 billion) in the 12 months ended March, 9.4 percent below its January outlook, Sony said Thursday. That’s still a fourfold increase from the last fiscal period. The Tokyo-based company booked a 59.6 billion yen impairment charge for the business that makes camera modules, citing “a decrease in projected future demand.”