Sony boosts revenue and profit forecast
Sony Group reported its first-quarter results on Wednesday. Here's what you need to know.
NET PROFIT: Sony Group said net profit fell 17% from a year earlier to 217.545 billion yen for the quarter ended June 30. That still exceeded the estimate of Y179.735 billion from a poll of analysts by Quick.WHAT WE WATCHED: --MUSIC: Operating profit from its music business climbed 20% from a year earlier to Y73.38 billion thanks partly to greater revenue from streaming services. Sony raised its forecast for the segment operating profit to Y280.0 billion for the fiscal year ending March 2024 from Y265.0 billion previously projected.
--MOBILE SENSORS: The company cut its fiscal-year operating-profit forecast for its imaging and sensing business to Y180.0 billion from Y200.0 billion previously anticipated, citing weaker sales of image sensors used in mobile phones and other devices. First-quarter operating profit for the segment dropped 41% to Y12.73 billion.
--GAME: First-quarter operating profit from its game business declined 6.8% from a year earlier to Y49.16 billion as acquisition-related costs increased despite greater sales of hardware. Sony sold 3.3 million PlayStation 5 units in its first quarter, up from 2.4 million units a year earlier.
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