TOKYO (AP) — Japanese electronics and entertainment company Sony Corp. reported Wednesday that its quarterly profit tumbled as the coronavirus pandemic delayed music and movie releases and disrupted product supply chains.
Tokyo-based Sony’s profit in January-March crashed 86% to 12.6 billion yen ($118 million), a fraction of the 87.9 billion yen earned a year ago.
The spread of COVID-19 has crimped consumer spending, shut movie theaters, canceled events and sent share prices falling — all damaging for a company with sprawling businesses like Sony.
Quarterly sales and operating revenue fell a combined 18% to 1.7 trillion yen ($16 billion).
The company did not give forecasts for the fiscal year through March 2021, citing uncertainties due to the pandemic. It said projections will be released as soon as possible.