Sony net profit rises 3% in April-June on movie, music businesses

Sony Group Corp. on Friday reported a net profit of 218.20 billion yen ($1.64 billion) in the April-June quarter, up 3.0 percent from a year earlier, helped by successful movie and music businesses.

Operating profit gained 9.6 percent to 306.96 billion yen in the first quarter of the business year through March 2023 on sales of 2.31 trillion yen, up 2.4 percent, the Japanese electronics and entertainment giant said.

But Sony lowered its net profit forecast for the business year to 800 billion yen from 830 billion yen on weak results in its financial business.

For the current business year, Sony now expects operating profit to decline 7.7 percent to 1.11 trillion yen on estimated sales of 11.5 trillion yen, up 15.9 percent.Sony's operating profit surpassed 1 trillion yen for the first time in the previous business year ending March, becoming the second Japanese manufacturer to do so after Toyota Motor Corp.