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Why is Sony Group Corporation ADR (SONY) Stock down?
Sony Group Corporation Stock (SONY) dropped by 6.64% from $87.54 to $81.73 in the trading on Thursday November 9, 2023. The reason why SONY stock down today is due to week earnings results. Sony reported a 29% drop in operating profit in the fiscal second quarter as the Japanese electronics giant suffered from weakness in its imaging sensor business. The prolonged strike by actors and screenwriters took a toll on Sony’s movie business. A deal was reached late Wednesday, ending the longest strike ever for film and television actors.
- Revenue: 2.8 trillion yen ($18.5 billion) versus 2.87 trillion yen expected. That represents an 8% increase year-over-year.
- Operating profit: 263 billion Japanese yen versus 304.4 billion yen expected. That marks a 29% drop year-over-year.
Shares of Sony dropped 6.65% from $89.82 to $83.85 as the company logged a hefty drop in first-quarter profit, hurt in part by a weaker performance from its movie division.
Shares of Sony Group (SONY) were down 5.70% from $95.09 to $89.67 on Friday as it has forecasted operating profit in FY24 to drop by 3.2% year-over-year to ¥1.17 trillion or $8.65 billion which was below analysts’ average estimate of a profit of ¥1.275 trillion.
https://www.tipranks.com/news/sony-down-after-profit-outlook-below-estimates
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