Sony Net Income Plunges 29% in Q2 to $1.32 Billion, Fueled by Decline in Entertainment, Financial Services

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The tech giant, which reported revenues of $18.7 billion, missed Wall Street forecasts for the first time in four quarters

Sony Earnings
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Sony Group on Wednesday reported a 29% dip in net income to $1.32 billion for the fiscal second quarter of 2023, with revenues edging up 8% to $18.73 billion. The results, including diluted earnings per share of $1.07, were driven by a decline in revenue and operating income in its Entertainment, Technology and Services sector, as well as its Financial Services segment.

The Japanese company’s financial results fell short of Zacks’ estimates of $19.93 billion in revenues and $1.19 in diluted earning per share. This marks the first time in a year that the electronics conglomerate failed to come out ahead of forecasts after four straight quarters of meeting consensus estimates.

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