Pandemic Hit Sony Consumer Tech for $328M
Operating profit in Sony Electronics Products & Solutions took an estimated 35.1 billion yen ($327.8 million) hit from COVID-19 in the fiscal year ended March 31. “Of all our businesses, we expect the EP&S segment to be impacted the most…
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from the coronavirus,” said Chief Financial Officer Hiroki Totoki in a virtual Tokyo briefing Wednesday. The stock's American depositary receipts closed down 4.3% at $62.78. Components suppliers in Malaysia and the Philippines “reduced their operations, causing a delay in the production of some of our products due to component shortages,” said Totoki. “On the demand side, due to the closure and shutdown of retail stores globally, retail sales have decreased significantly. The severity of the impact on a geographical basis is changing frequently, but deterioration of market conditions in Europe is currently the most severe.” EP&S sales for the year declined 14% to 1.99 trillion yen ($18.6 billion), said Totoki. Sony sold 3.2 million smartphones for the year, down about half from a year earlier. Q4 sales were 400,000 handsets. Market share leader Samsung sold 295 million smartphones in 2019.