Sony expects 8.8 percent annual profit drop as strong yen slows image sensor biz
TOKYO (Reuters) - Japan’s Sony Corp said on Friday it expects operating profit to fall 8.8 percent in the financial year through March 2019 as a stronger yen eats into profit from the image sensor business. The electronics and entertainment firm forecast profit to fall to 670 billion yen ($6.13 billion) from 734.86 billion yen a year prior, when earnings exceeded the previous peak set in the year through March 1998. The outlook compared with the 765.04 billion average of 23 analyst estimates compiled by Thomson Reuters. Sony expects profit at its semiconductor business, which includes image sensors, to fall to 100 billion yen from 160 billion yen a year earlier due to a stronger yen that pulls down profit earned overseas. Sony’s image sensors, central to the company’s revival after years of losses in consumer electronics, are used by Apple Inc and other major smartphone makers. Meanwhile, the gaming business, another driver behind the firm’s turnaround, is expected to ...