COVID-19 disruption delays Sony's 2019 full year earnings report

Sony has delayed its full-year earnings report due to coronavirus disruption, possibly hinting at interrupted PS5 marketing plans.

@DeekeTweak
Published Fri, Apr 17 2020 1:43 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Just yesterday Bloomberg reported Sony would limit PlayStation 5 stock by up to 50% less compared to the PS4. The reason? PS5 will be more expensive, and coronavirus has disrupted Sony's marketing plans. Now Sony announces coronavirus has delayed its critical earnings report plans by two weeks, seemingly corroborating the reports.

COVID-19 disruption delays Sony's 2019 full year earnings report 1 | TweakTown.com

Sony today announced its Q4'19 and full year 2019 earnings reports will be delayed two weeks to May 13, 2020. Sony's FY2019 timeline ended March 31, 2020, and Sony typically reports earnings a month later on April 30.

"Sony Corporation planned to announce its consolidated financial results for the fiscal year ended March 31, 2020 on Thursday, April 30, 2020. However, due to delays in accounting closing procedures and other operations resulting from the spread of the Coronavirus Disease 2019 (COVID-19), please be informed that this announcement has been rescheduled for Wednesday, May 13, 2020," reads a press release.

This delay is a pretty big deal. These end-year reports and presentations not only reveal total yearly revenues from all of Sony's businesses, including the billion-dollar PlayStation segment that pulls in roughly 20% of quarterly earnings, but outlines plans for the next fiscal year. In the delayed report, Sony is expected to deliver critical information about the PlayStation 5's roll-out plans to its investors.

Is this evidence the PlayStation 5 will be delayed?

Not really. All it means is coronavirus is disrupting Sony's accounting departments, which is to be expected. But it also reinforces reports that Sony's higher-level operations have likewise been disrupted, namely marketing for the next-gen console. PS5 architect Mark Cerny affirms a console teardown is coming soon, so expect some sort of streaming-only promotional event to roll out, possibly before the May 13 reporting date.

The full year 2019 report should deliver lots of clues and tidbits about the PS5. Reports say Sony will lean more heavily on the cheaper PlayStation 4 and PlayStation 4 Pro even as the next-gen system is released, so we could see Sony extend the lifecycle of both systems.

Sony previously said the PS4 will live alongside the PS5 until 2022.

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NEWS SOURCE:sony.net

Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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