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Dow Jones Newswires: Sony Group shares fall sharply after net-profit forecast is cut

Sony Group Corp.

shares fell sharply Monday morning after the Japanese electronics and entertainment company cut its fiscal-year net profit forecast, citing weaker game earnings.

The shares were recently 6.2% lower at 10,970 yen after falling as much as 7.0% earlier.

Sony said Friday after market close that it expects net profit to drop 9.3% to Y800.00 billion ($6.00 billion) for the fiscal year ending March 2023, compared with its previous view of a 5.9% fall, while projecting revenue to increase 16% to Y11.500 trillion.

First-quarter operating profit from its game business fell from a year earlier due to slower sales of game software and higher costs of game development.

The company lowered its fiscal-year operating-profit forecast for its game business to Y255.0 billion, down from the previous view of Y305.0 billion.

The Topix subindex for electronics makers was recently down 1.0% while the Nikkei Stock Average

was 0.1% higher.

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