Sony Increases Profit Forecast Due to Strong Game Business

TOKYO (AP) — Sony, the well-known Japanese electronics and entertainment company, has reported a 3% rise in profit for the October to December quarter, prompting the company to raise its expectations for the full year.

The quarterly profit reached 373.7 billion yen (approximately $2.4 billion), a slight increase from 364 billion yen in the same period last year.

During the same quarter, sales climbed 18% to 4.4 trillion yen (around $29 billion), driven by robust performances in its financial services, gaming division, and music operations.

In the first nine months of the fiscal year, which runs from April to December, Sony reported a 21% surge in profit, totaling 943.9 billion yen ($6 billion), compared to 781.6 billion yen during the same timeframe last fiscal year.

Sales for the nine-month period also saw an 8% increase, amounting to 10.3 trillion yen ($67 billion).

In light of these favorable results, Sony Corp. revised its annual profit forecast upward, projecting a total of 1.08 trillion yen ($7 billion). This is an increase from the November forecast of 980 billion yen ($6.3 billion) and represents an 11% improvement compared to the profit earned in the previous fiscal year.

This revision is attributed to a beneficial currency exchange rate and the growing sales in their network services division, according to Sony.

The company’s flagship gaming console, the PlayStation 5, continues to perform well as it approaches its fifth year since launch, although there have been no announcements regarding a successor at this time.

Sony, Profit, Gaming