flatreader

Sony's Had the Year From Hell

Sony faces mounting challenges after a year marked by major setbacks in its gaming and film divisions. The company's $200-400 million gaming project "Concord" sold only 25,000 copies before being discontinued, while PlayStation 5 sales targets were cut from 25 million to 21 million units. Sony Pictures struggled with underperforming Spider-Man spin-offs and high-profile departures, including CEO Tony Vinciquerra. Over 1,200 employees were laid off across divisions, and profits fell 39% to $124 million in the latest quarter. Sony's stock dropped 5% over the past year while broader markets rose nearly 40%.