Sony Group Corp (NYSE:SONY) is expected to post a year-over-year drop in profits for the fiscal second quarter as the Hollywood strikes dragged on the financial performance of its Pictures unit.
When handing down its fiscal first quarter results in August, the Tokyo, Japan-based company – whose consumer electronics products include music systems, mobile phones, gaming consoles, and cameras - warned that the then dual writers and actors strikes would drag down its 2Q revenue.
It lowered its 2Q sales guidance for its Pictures unit by 3% or US$350 million (50 billion yen).
Company-wide, Sony is expected to report a drop in earnings per share (EPS) from about US$1.36 (212 yen) in the year-ago quarter to US$1.19.
It is expected to post revenue of US$19.93 billion, compared to about US$18.6 billion (2.751 trillion yen) in the year-ago quarter.
Sony will hand down its fiscal 2Q earnings report on Thursday, November 9.
The company’s United States-listed shares traded down 1.6% shortly before Friday’s market close at US$79.69.
The stock has gained 3.9% so far in 2023.
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