Sony Hikes Operating Profit Outlook on Gaming Strength
Tokyo (Reuters) - Sony has increased its operating profit forecast for the fiscal year ending March by 2% to 1.34 trillion yen ($8.70 billion), driven by the robustness of its gaming business.
Sony, once renowned for consumer electronics like the Walkman, has expanded into a multifaceted enterprise encompassing gaming, movies, music, and image sensors.
For the third quarter, operating profit reached 469.3 billion yen, a 1% increase year-over-year and surpassing analysts' projections of 404 billion. This surge was fueled by growth in gaming and music.
Hiroki Totoki, President of Sony, is consolidating his control over the tech and entertainment conglomerate, assuming the CEO role effective April 1.
The gaming division witnessed a 37% quarterly profit surge, attributed to increased sales and dwindling hardware losses. Sony sold 9.5 million PlayStation 5 units during the quarter, compared to 8.2 million units the previous year.
Moreover, the music unit's profitability benefited from augmented revenue generated by streaming services.