"Japan's Sony on Thursday raised its full-year outlook after reporting record quarterly operating profit, boosted by gains for its image sensor and music divisions as well as a weak yen, even as PlayStation 5 sales slid. Operating profit climbed 22 percent to JPY 515 billion ($3.3 billion) - 9 percent more than an LSEG consensus estimate and it hiked its annual forecast by 8 percent to JPY 1.54 trillion."
"The Japanese conglomerate has, over the years, made a successful pivot from household electronics to entertainment, but has seen its share price slide in recent months as investors question what its future drivers of growth will be. Sales of image sensors, which are used in smartphones, increased 21 percent. Sony's music business, home to singers such as Beyonce, Adele, SZA and Shakira, saw a 13 percent rise in revenue from streaming services, live events and merchandising in recorded music."
"Sony sold 8 million units of its PlayStation 5 console, which is in its sixth year on the market, in the key October-December quarter - a 16 percent decline from the same period a year earlier. But the company reported a bump in monthly users on its PlayStation Network, reflecting greater engagement with the platform. Profit at the gaming unit grew 19 percent to JPY 140.8 billion, helped by higher sales of software and a weaker yen."
Sony's operating profit climbed 22 percent to JPY 515 billion, beating estimates and prompting an 8 percent hike to a JPY 1.54 trillion annual forecast. Sales of image sensors increased 21 percent, driven by smartphone demand, while the music business saw a 13 percent revenue rise from streaming, live events and merchandising. The company expanded its share buyback scheme, with shares initially jumping before closing flat. PlayStation 5 unit sales fell 16 percent to 8 million in the October-December quarter, though monthly PlayStation Network users rose and gaming profit grew 19 percent to JPY 140.8 billion. Rising memory chip prices pose margin and supply-chain risks.
Read at Gadgets 360
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