Investing.com -- U.S.-listed shares in Sony Group (NYSE:SONY) edged lower in early trading on Wall Street on Thursday after the entertainment and technology giant posted a sharp drop in operating profit during its July to September quarter.
The Japanese conglormerate reported operating income of just over ¥263 billion ($1 = ¥151.0600) in the three months ended on Sept. 30, a decline of 29% compared to the corresponding period last year.
Sony, which has diversified its business to become a maker of everything from video games to image sensors, said earnings at its chips division slumped by 37% due in part to higher expenses and sluggish demand.
But a weaker yen led the company to back its plan to sell 25 million of its key PlayStation 5 consoles over its fiscal year, although Sony President Hiroki Totoki conceded in a news briefing that it is "not something we can attain very easily."
The company sold 4.9M of the slimmed-down versions of its flagship gaming device in the second quarter, bumping up sales over this financial year to 8.2M units.
Meanwhile, Sony increased its annual sales and net income forecasts by 2% each.