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Sony Group reported a 63% year-on-year decline in net profit for the fourth fiscal quarter ending in March, to 83.12 billion yen ($529.6 million), falling short of analysts' estimates of 202.24 billion yen. The decline was attributed to losses from its electric vehicle joint venture with Honda Motor and weakness in its gaming and other businesses. Revenue for the quarter rose 8.3% to 3.036 trillion yen. Sony stated that the joint venture with Honda recorded a 44.9 billion yen equity method investment loss, as the venture has ceased sales of its electric vehicle models. Meanwhile, operating profit declined in the gaming, film, and image sensor segments. For the new fiscal year, Sony expects revenue to decline by 1.4% to 12.300 trillion yen, while net profit is projected to increase by 12.5% to 1.160 trillion yen.
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