Sony Q1 results: Profit slides 30% to $1.77 billion, in line with estimates

Sony on Wednesday reported a 30.6% fall in first-quarter operating profit, in line with analyst estimates.

Profit for the April-June quarter was 253 billion yen ($1.77 billion) compared with an average estimate of 256 billion yen from 11 analysts polled by Refinitiv.

In May, Sony said it is examining a partial spin-off of its financial unit, which includes life insurance and banking, as it looks to invest in its entertainment businesses.

The Japanese conglomerate has received plaudits for its transformation into an entertainment behemoth spanning movies, music and games and is also a leading maker of image sensors.

Sony has said it expects to sell 25 million PlayStation 5 consoles this financial year, in what would be a record for a PlayStation device, following the easing of supply chain snarls.