No Name, Sony's profit up as people staying home play video games

[Image]( EMAIL}/redirect TUESDAY, AUGUST 4, 2020 | YURI KAGEYAMA, AP BUSINESS WRITER TOKYO (AP) — Japanese electronics and entertainment company Sony Corp. said Tuesday that its April-June profit jumped 53% as its video game and other online businesses thrived with people staying home due to the coronavirus pandemic. Tokyo-based Sony reported a 233 billion yen ($2.2 billion) profit for the last quarter, up from 152 billion yen the year before. Sony warned that its movies division would likely suffer for two or three years due to delays in film projects and limits to theater seating because of the pandemic. Consumer demand for electronics products has also plunged, including sales of digital cameras, TVs and other gadgets, according to Sony. Some factories in China and Malaysia were temporarily shut down and an inability for some employees to travel also was a hindrance, the company said. Sony's quarterly sales edged up 2% to 1.97 trillion yen ($18.6 billion). Earlier this year, Sony unveiled a prototype of an electric car, highlighting the reach of consumer electronics into new sectors in the digital age. EMAIL}/redirect EMAIL}/redirect The company is projecting a 510 billion yen ($4.8 billion) profit for the fiscal year that ends in March 2021, down 12% from the previous fiscal year. Sony said music streaming was doing well, as people stayed home due to the pandemic, but other parts of its music business have suffered. Online video content also is doing well, it said. Video game operations got a big lift from people signing on to network services. There are now 45 million PlayStation Plus subscribers, a paying online membership for games, and Sony is planning a major upgrade with the PlayStation 5 to go on sale later this year. Sony’s financial services sector did well for the quarter on increased revenue for its insurance sector and online banking business. But demand for digital sensors for products such as digital cameras fell faster than expected because of the coronavirus, Sony said. Yuri Kageyama is on Twitter EMAIL}/redirect EMAIL}/redirect [20 "Past Their Prime" Stocks to Dump From Your Portfolio]( Did you know the S&P 500 as we know it today does not look anything close to what it looked like 30 years ago? In 1987, IBM, Exxon, GE, Shell, AT&T, Merck, Du Pont, Philip Morris, Ford and GM had the largest market caps on the S&P 500. ExxonMobil is the only company on that list to remain in the top 10 in 2017. Even just 15 years ago, companies like Radio Shack, AOL, Yahoo and Blockbuster were an important part of the S&P 500. Now, these companies no longer exist as public companies. As the years go by, some companies lose their luster and others rise to the top of the markets. We've already seen this in the last few decades with tech companies surpassing industrial and energy companies that once dominated the S&P 500. It's hard to know what the next mega trend will be that will knock Apple, Google and Amazon off the top rankings of the S&P 500, but we do know that companies won't stay on the S&P 500 forever. We've identified 20 companies that are past their prime. They aren't at risk of a near-term delisting from the S&P 500, but they are showing negative earnings growth for the next several years. If you own any of these stocks, consider selling them now before they become the next Yahoo, Radio Shack, Blockbuster, AOL and are sold off for a fraction of their former value. EMAIL}/redirect EMAIL}/redirect © 2020 PTE.la PTE, LLC (publisher of PTE.la) is NOT registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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