Business

Sony Reports Impressive 13% YoY Profit Growth Driven By Surging Music And Games Sales

By Loudest Team
February 15, 2024
Sony Reports Impressive 13% YoY Profit Growth Driven By Surging Music And Games Sales

Sony, the Japanese electronics and entertainment giant, reported a 13% increase in profit for the October-December quarter, driven by rising sales in music, image sensors, and video games. The company's quarterly profit reached 363.9 billion yen ($2.4 billion), up from 321.5 billion yen in the previous year.

Sales for the quarter surged by 22% to 3.7 trillion yen ($24.7 billion), fueled by robust performances in various business segments, including PlayStation game machines, Bravia TV sets, financial services, games and networking operations, and entertainment businesses like music and movies. The increased demand for image sensors in mobile products also contributed to the overall positive financial results.

Sony's profitability was further enhanced by favorable exchange rate trends, with the weakened yen against the dollar amplifying the value of overseas earnings when converted into yen. The recent trading rate has seen the U.S. dollar hovering around 150 yen.

The company highlighted growth in recorded and published music, merchandise, and licensing revenue. In the pictures operations sector, revenue from TV and digital streaming licensing, along with home entertainment sales, saw an uptick during the fiscal year, attributed to successful movie releases such as "Spider-Man: Across the Spider-Verse" and "The Equalizer," featuring Denzel Washington.

Sony noted subscriber growth in its animation service Crunchyroll as a contributing factor to increased profits. The positive performance prompted Sony to revise its annual profit forecast to 920 billion yen ($6.1 billion), surpassing the earlier projection of 880 billion yen ($5.9 billion). Despite the upward revision, the latest forecast remains below the 1 trillion yen earned in the previous fiscal year.

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