Sony cuts annual profit outlook on movie business writedown

Sony Corp has cut on Thursday its full-year outlook for operating profit after the Japanese TV-to-gaming group took a $1 billion writedown on its struggling movie business.

Sony forecast group operating profit of 240 billion yen ($2.13 billion) for the year ending in March, down from a previous estimate of 270 billion yen.

It also said October-December operating profit fell to 92.4 billion yen from 202.1 billion yen a year earlier.

The company said earlier this week it had cut the goodwill value of its movie business by 112.1 billion yen due to a dimming outlook for earnings from DVD and Blu-ray discs.

Source: Reuters