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Media & Entertainment

Sony cuts profit outlook due to weak game sales as COVID fears ease

PlayStation maker says 'more people are going out'

Total gaming time by PlayStation users in the April-June quarter declined 15% from a year earlier, according to Sony.   © Reuters

TOKYO -- Sony Group on Friday lowered its profit forecast for the current fiscal year due to weaker than expected gaming software sales and additional costs related to the acquisition of U.S. gaming company Bungie.

The Tokyo-based company said it now expects 800 billion yen ($6 billion) in net profit for the fiscal year ending March 2023, a 9% decline from the previous year. The new figure is 30 billion yen less than its May forecast.

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